I'm interested in entering the mobile home investing space and I wanted to see if anyone has any guidance on underwriting these deals? 

However the bulk of my real estate investing has been in the MTR space, and actually Mid to Long term, Rent By The Room.

Have a read A good friend shared this story recently; a nice story about effort vs. skill – a good reminder that in many areas of work/life time and outcome aren’t always aligned; especially in thedesign & technology space…A giant ship’s engine failed.

So, as always, consult a Loan Officer experienced in this space to learn if one loan product will fit you better…but in many cases FHA cannot even be an option since that self-sufficiency rule exists.Why did Fannie Mae make this change?

My experience is that mobiles/manufactured homes fall into three categories, a. still on wheels treated as a vehicle and are are on rented spaces b. wheels removed, the unit is put on a foundation and skirted, on rented space c. wheels removed, the unit is put on a foundation and skirted on owned land and treated as permanent, which qualifies for a mortgage.

Since he doesn't have the capital, but the skills, this gives him entry into this space and seems low risk for me considering if all goes south, I wouldn't lose much. 

Talk to the city to see what is needed for a suite and then go through the check list.for tenants, I'm not sure I would have rented a basement suite to a family of 7-that's asking for trouble giving the size of the space.

You can't charge two people rent for the same space during the same time.If the departing tenants are paying rent through August 31, then it's their rental until then.Also, you should never let a tenant move things in early.

However, future rights can vary.Key Lease Terms to ReviewTo determine the specifics of your lease, look for the following clauses or terms in the lease agreement:Assignment and Subletting:Check if the lease allows for the assignment or subletting of the tower space to new carriers.Look for language such as "the right to sublease or assign" or any restrictions on adding new tenants.Scope of Lease:Determine whether the lease explicitly states it covers only the equipment and tenants present at the time of the agreement.Phrases like "existing tenants" or "as of the date of this agreement" can be indicators.

Adding dishwashers, adding fenced private yard space.