I work in the mortgage industry and the appraiser can use stick built homes of similar quality as comparable sales for modular homes.  

Did you get an appraisal?

I am pretty good on appraisal and can tell you if purchase will make sense or not if you buy as an investment.

The closest properties that match the luxury aspect are about an hour north, featuring modern high-end luxury, whereas our property offers a 'commercial' luxury due to its size, amenities, and prime location.Interestingly, during our property appraisal, the uniqueness of our home led the bank to require two separate appraisals.

"Real" real estate education is found in real estate agent and broker courses, both initial licensing and CE, certain colleges and universities, courses offered by legit organizations such as Appraisal Institute, CCIM, BOMA, NAR, CRE, MBA,  etc., textbooks on real estate, real estate law classes, and SOMETIMES in education offered by REIAs.

Hey Aaron,If the goal is to use the HELOC as a down payment for a DSCR loan, you will also need to factor the Prepayment penalty when you decide to cash out on the new appraised value after all renovations are completed. 

-Agree market value of the home; appraisal, average of 3 appraisals, maybe put it on the market with the 4 grandchildren having a first-rigth-of-refusal at the highest bid price,...whatever is agreeable.

Transfer taxes, recordation taxes, lenders title insurance, owners title insurance, closing fees, lender fees, appraisal, survey, deed prep, recording fees, insurance, escrow 

Uses the common rents on the 1007 rent schedule of the appraisal to approve based on rents.As long as you can show a .85% DSCR or above on rents to PITI your good to go on the approval.  

The appraisal came in and appraised nearly $30k over our contract price.