The deal sounds fine overall as long as they are in good shape and you can move and rent them on your existing land, but do you want more mobile homes?

The seller will have reduced debt capacity because the existing note is still calculated as a debt - they MAY be able to include an offset equal to the buyer payments after a period of time, BUT often the seller is surprised to find they can not qualify to purchase another property3.

I don't want to pay any more than 1500 a month for mortgages and insurance and tax.  

when you put your property on the Padsplit platform, did you purchase an existing pad split home or did you have the conversions done to make more rooms?

Does it use the rental income before or after mortgage payment?

It's possible they had to find a cash buyer, but I think it's another point to this being mortgage-able.

That's a big mortgage should the home go vacant for any period of time. 

So if I’m understanding what I’m reading on 1033’s - house has mortgage of $350k and insurance policy is for $750k- leaving proceeds of $400k.  

In my experience like other things you get what you pay for. if you go with the companies that are charging super cheap rates - 5%, $100/month or something like that they don't have enough income to sustain a supportive team to actually help you manage your home. 10% is the going rate it seems in the city and that is where the better companies tend to exist. 

Post closing, they'll need to sign a cancellation of mortgage document or equivalent.Quote from @Mitch Messer:Thanks Mitch, this is great information!