It’s 10% better and 10% cheaper every year.

I'm about to do a rent-by-the-room/co-living property there, since current LTR rents don't cover the mortgage with these interest rates. 

Two months ago we sold the property utilizing a wrap mortgage with a 10% interest rate.  

Quote from @Jaycee Greene: it all depends on the credit scores, but consumer mortgages tend to have lower interest rates than commercial loans.

I’m also a long term equity guy, so just having tenant pay my mortgage is enough of a deal in current climate.On the positive rents are very high for this area and even this time of year when normally I’d see no leads for an open unit I’m seeing 1-2 a week for unit we’re remodeling.Good luck in the search and congrats for doing it yourself.  

Hopefully, it was based on their ability to successfully execute a transaction, and not just because they were cheaper than everyone else.  

I like the idea of doing this with mobile homes, because I can buy them outright, so I would own it sooner than mortgaging a house.Thanks for reading and I look forward to any replies.

32k or even 42k on a half million dollar house doesn't sound all that good.What's your projected cash flow after all your expenses including a likely higher mortgage payment than the current owners?

Going to networking events to network with Realtors, Mortgage, Title etc all helps. 

But might help others avoid this pitfall…when a mortgage is transferred between banks, I’m learning they don’t record a lien release with the county.