In practice how Mello Roos works is you create a political subdivision and apply to the county they approve the area for the Bond issue.. you need Bond council and a investment bank to create and sell the bonds. once the Bond issue is approved this allows the developer to get a Bridge loan to build said improvements ( that are usually 5 to 50 million or so) Once improvements are in  and taken over by the county the Bond money is released and is used to pay off the Bridge lender..

I also checked their 6 months bank statements and it seems like they are able to pay all their bills from her income alone.  

Same reason a bank wants to get as many debt guarantors as they can.

I am planning to include the estimated property value and the funds that will be transferred into the business bank accounts.

. :)@Ronald Rohde  yes, I can get a 5.75 -6% with my local bank.

I do not recall any other fees or charges outside of traditional closing costs and they were easy to work with and communicated very well. 

Hi Timothy,I'm in the Sioux Falls area and can give you some contacts for banks and real estate.

@Carl TrubeWell have you confirmed the bank will let you assume the loan?

These self employed 2nd mtg's are typically based on alternative method of caluclation like profit and loss statements if you're self employed or the last 12 months of bank statement deposits using a formula to derive an income from these deposits (like 50% of all annual rolling 12 calendar month deposits X 50% /12 months = monthly income).

A lot of them get multiple phone calls or letters in the mail but just keep in mind when you use a Big Bank (FDIC) you "Do not" pay points.