Lynne,Work with an experienced real estate attorney, who is also experienced in private lending contracts, terms and conditions. 

The downside of not replacing it is air conditioning systems fail when it's hot out, when they are needed the most and when it's most unpleasant for the renter to go without air conditioning. 

Having someone who has 'been there, done that' will help you navigate challenges effectively AND weather some of those storms you'll face along the way.Feel free to send me a PM if there is anything I can help with!

This trend is expected to persist, driven by Birmingham's affordability and favorable living conditions.

Manufacture homes are affordable and a great o get into home investing, Weather you are putting the on private land or using a community these can be great investments.

Running the faucets all throughout the day has also caused moldy conditions in his unit which he of course reported as violations.

The key features are the most important (square footage, age, condition whether it has a basement/garage, etc.)

In other words the homeowner can not sell the property any other way (typically because either (1) they owe more on the property than they can net on a conventional sale or (2) the property will not qualify for financing in its current condition or the current economic conditions.  

Hahaha so your theory basically whatever happened to Fed rate residential real estate keeps going up , this point I mostly agree …but you can have condition that they keep the same while company profits depleted and more layoffs. 

The primary concern with using commercial financing is it typically features a short term, long amortization and a balloon that could be problematic if you cannot afford to refinance due to market conditions at the time the loan becomes due.