Taxes go up, inspections are needed, fines are assessed, potentially modifications to pipes or walls etc. 

@Eric Schleif It's a bit complicated... we have 1 building under contract with a commitment letter from the bank,  requesting another bank commitment for another property we own outright and have 3 loan modification letters to move buildings into LLC's.  

It will also depends on weather it's a split system or an easy swap on the roof package unit with little modification. 

I agree, having your own attorney look it over and make modifications is a definite plus.

Without a pay history it will be difficult to negotiate with the borrower if you intend to do a loan mod. If

Being a live-in landlord necessitates you keeping a definitive line between being a neighbor and the owner.  

I agreed to build her a ramp once the house is approved by HUD but I  anticipate there could be other modifications necessary down the road.

If I did this again, I'd do this in parallel as the deal was closing (most likely using the same house plan with little if any modification)Make sure power is already run to the lots before purchasing.  

Hi guys,I am negotiating with a motivated seller that was denied a mortgage modification.

Has the seller done any modifications to the property since the last inspection-- Try to review these things before your inspection, so if any of the above constitute red flags, you can forgo the property before doing formal inspections.