Read it, keep it handy, and read it again.Second: Security deposits MUST be held in a state chartered institution such as your local bank.

While you're right in some regard, I'd say the speculators were just the tools on which banks built their toxic balance sheets.Here are the 5 pieces of the housing bubble machine:United States GovernmentBill Clinton rewrites community reinvestment act in 1995 basically making mortgages available to most borrowersFinancial Institutions Originating NINJA Loans like crazy to repackage into mortgage backed securities (MBS) and sell to investorsESPECIALLY SUB PRIME MORTGAGES which generate the best yield Banks sold these off of balance sheet within 30 days of origination so as to never experience the penalty of booking a high risk loan (no collections expense and no charge off)Federal ReservePinned interest rates at zero bound to help recover from internet bubbleCreated a lot of leverage in capital markets to buy MBSIncentives for consumers to spend on housing and HELOCsHedge Funds buying Mortgage Backed SecuritiesHedge funds looking for yield had a great demand for MBS, especially on subprime debt (nobody defaults on mortgages, right?)

Here is what I know about the subject of land lease manufactured housing communities:Sam Zell of ELS was a millionaire when after reading George Allen's book he discovered land lease communities.

Your friend will have to discover that on his own at some point.

I believe you will hear the term on the podcasts for this known 'house hacking'.So the rates you see published are available to the ones with the best credit and the finance institutions deem a safe risk.Now if you buy the house as an investor or non owner occupied your rate will be higher than the published rates you see even if you have great credit because the banks look at non owner occupied purchases as a higher risk. 

Sometimes financial institutions will stamp it on the Note rather than providing the document.

I just got approved for a $10K unsecured LOC with my main institution and then got approved for another $10K unsecured LOC with a credit union.

Through the podcast discovered the forums now here I am.

Since discovering BP last weekend, I have already had the opportunity to listen to 6 or 7 podcasts, read multiple blogs and beginners guides and I just finished Rich Dad, Poor Dad today and then immediately dove into another BP special.

Yes, opportunity cost is the value of the foregone alternative not taken.When you use institutional financing you can obtain a 75% LTV on your first investment property or perhaps cash out on a refi.As your portfolio grows lenders will begin reducing the loan to value, say to 70% on the 5th, may be the 12th, it is a way of reducing the lender's risk.