Therefore any modifications after leaving the factory require engineering, inspections, etc.8) Your loan rate will be slightly higher by maybe 1/4 point or so.If you can wrap your head around some of these nuances, go for it!

Hi Tyler,Yes, having the correct agent is vital to the success of a RE buyer.  

Are there any modifications to the written lease?

Seller owes 409K (294K ist and 115K 2nd balloon from a previous modification).

I leased the home with a significant option price, enabling the owner to keep the home until the loan modification went through.

You will first have to choose a strategy and stick with it, This is vital if you want to learn and improve within that niche.

Learning the business is vital but you have to pull the trigger on your first deal. 

In 20 years or more, I've never had to foreclose but have done numerous modifications that allowed the borrower to complete their project and produce a profit while my company received a greater yield by being willing to be flexible.

I am a believer in being a deal "maker" rather than a deal "killer" but there are some things you need to know about this deal:1) Assuming that the lot rent is around $200 per month (guessing based on the numbers you posted) you'd have total revenue on REAL property of $3,400 per month.2) The expense ratio on this deal is closer to 50% due to small size and private utilities, hence a net income of $16,800 per year.3) At a 10% cap rate (I wouldn't go any lower due to rural location) the value of the REAL property is only $168,000 plus the value of the mobile homes which are PERSONAL property and cannot be "capped" (figure on maybe $3,000 per home x 14 = $42,000) so the total value of REAL and PERSONAL property is roughly $210,000 NOT $325,000.4) A park in a rural setting like this would have to have a strong test ad result (20 calls in 10 days) or the market is too weak to support the property.Based on experience, I would think this would only work in Nebraska, Colorado, Montana, Wyoming or some state in which there is still high levels of demand for rural housing and economic vitality to push rents in the future.

Not writing in PA no new leases or modifications to current leases. 4.