This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

Thousands of STVR owners have pools and hot tubs with no financial loss via lawsuits.

How much will you lose if you drop the price and sell it for a loss today?

Your condo master policy typically covers up to the studs or up to the drywall and almost 99% guarantee will not rebuild the inside of your unit if there is a major loss. 

Learn from your losses.

Or, you could also pull a list of pre-foreclosures, skip-trace, contact sellers and see if you could help them get out of the house with less damage and loss than if their house went through foreclosure. 

side note, I am new to MHP investing, and I'm also thinking that working with a lender will make sure my sure diligence is thorough.thanksjosephI think your analysis is incorrect.  4 unit MHP typically operate at a loss, not a $30k profit.  

If you are an individual that had a property loss (including personal property) then use the first link for FEMA.The second link is for business owners…and yes, this includes those of us that have rental properties.

Appreciate the sentiment Katherine, my loss is your gain!

Cash buyers are often vultures who will swoop in with an offer while you are still dealing with your loss.