Finally, obtain a professional appraisal post-renovation to accurately determine the new value of your home.

I simply thought putting it out there in the Forum might keep someone from unknowingly buying something that might leave you out to dry.

To determine the best pricing for farm rentals, consider factors such as location, proximity to schools, highways, and amenities.

I thought it was simply the difference on percentage of appraised value (4% vs 6%).

If the house value goes down, the tenant has the option to simply not purchase and you would keep their option money.

I found a MHP that I am interested in possibly buying and came here to see what information I could find to help me determine if their asking price is reasonable and how to determine its value myself. 

The home buying process typically follows these key steps:Assess Your Finances: Review your credit score, savings, and determine how much you can afford for a down payment and monthly mortgage payments.Get Pre-Approved for a Loan: Work with a lender to get pre-approved, which gives you a clear budget and shows sellers you’re a serious buyer.Find a Real Estate Agent: Partner with an experienced agent who knows the local market and can guide you through the process.Search for Homes: Browse listings and visit properties that fit your criteria (location, size, price, etc.).Make an Offer: When you find a home you like, submit an offer through your agent, including contingencies (financing, inspections, etc.).Home Inspection & Appraisal: Once the offer is accepted, hire an inspector to ensure the home’s condition and the lender will order an appraisal to verify the property’s value.Secure Financing: Finalize your mortgage by submitting required documents and ensuring the lender clears you for closing.Closing: Sign the final paperwork, pay closing costs, and receive the keys to your new home!

source_impr...Depending on your goals (using it for you and your family a few times a year and hoping it pays for itself, parking some cash for a few years and hoping for appreciation or strictly cash flow) will determine what size home and what your budget should be.

I think you need to start by figuring out what you’re near term goals are - are you wanting to generate enough cash flow to offset W2 income, are you simply wanting to supplement your retirement, are you looking for significant tax advantages etc.

Talk with an investor friendly mortgage broker to determine your budget for a single-family and a small multifamily property.