I wanted to know if anyone has done this and if so what are the benefits and what banks are the best to utilize in the New England area, preferably in Rhode Island.Ray

Living in New England, I don't see a need to store water since we have so many streams, ponds, lakes everywhere and I can just filter.

Hi Everybody,My situation is a little bit different from many of the BP members, as I am based in England.

@Jeremy England Thanks Jeremy. 

From California to New England it is my personal recommendation to purchase mobile homes under the following conditions.

You said your friend lives by one of the colleges, so  youre thinking of renting to educator tenants, unless they teach at Western New England University and live on one side of the univ, then is doable, all the orher colleges are in pretty hot areas and educators usually live outside the city.

We bought rentals near our bases, to include two light fixers that we bought and improved in England.  

Probably just my CT/New England mindset, but of the 3 big reasons to buy investment properties (cashflow, mortgage pay down, price appreciation), price appreciation is a distant 3rd place, ESPECIALLY as you say, if rent rates are not keeping pace with these price appreciations.

@Jeremy England, sure, we found the deal off MLS. 

An example that I have cited a couple of times here is someone I know that invested in an ice fishing cabin in a small New England town.