You have to juggle development costs and carry all that until you can get the park filled.  

Odds are your city has regional/local banks that carry notes.

You pay the contractor and he gives you a release and the CoO.If this guy never worked on the property and filled a lien, that's frivolous and carries jail time.

A lot of people look at low entry prices, 2%+ properties, that things will be easy with a $14K home because you carry no debt, etc.  

Originally posted by @Carrie Sun:Thank you Joe for your detail and informative response.

in this scenario, the prior owner or bank would have risk of loss, and (assuming the bank carried an insurance policy) would be entitled to the insurance proceeds? 

It's barely NOW showing signs of life.I would love to have the owner finance the property for me, however, I haven't asked yet because I just assumed since the gentlemen is in the later stages of his life, he wouldn't want to carry a loan and would prefer the cash up front.

You are leaving the carrying costs (time and money it takes to repair) out of the equation.

If you use hard money, have cost overruns, carrying costs, and closing costs, you walk away with a few $K for 6+ months of work.

Hello everyone I am a 25 year old investor in Indiana. I currently have 5 single family homes right now. As a young investor I am very driven to get more properties. My question is how hard is it to get approved for a...