That said, if the present level requires you to have to ask what a lien is it would seem there is no due diligence that's been done - don't put the cart of debt before the horse.

- i feel like a horse in a race with blinders without a finish line since I subconsciously block out most adds.[4]Choosing a location/ budget: Should you spend more on a better location so you hopefully have better tenants?

Then when you find a deal, you have a second pair of eyes on it (the lender) and you can negotiate more confidently knowing you have the financial backing.Finding deals without having money lined up is often (not always) putting the cart before the horse.

I agree, thank you @Bill Gulley and @Dion DePaoli for all your input on this issue.I'd then suggest you get with a banking/finance attorney, sounds like you're speaking to a very fine RE attorney as the finance types can give that answer in depth.Now, here's a real inexpensive way to get advice from the horse's mouth.

Trying to not put the cart before the horse here or get myself into a bind?

Why would you pay an arm and a leg for a three-legged horse?

Cart before the horse.

Once you factor in risk, you're better off just picking up a second job or overtime hours.Now that I've vented my negativity, allow me to get off my high horse and give you actionable advice.

And horse ranches.

Based on my current research it would look like this: Offer:                              $80,000         Based on land values and the only comp in a 10 mile area the past 750 days.Demo costs:                   $10,000         For both house, foundation, trailer and some fencing and an outbuilding.New full basement:      $8000            Plus or minus $1000 depending on the Double Wide ModularDouble Wide                  $115,000       Average higher end home with sizzle featuresLandscape/Clean up    $14,000         Face lift on barn, clean up horse pens, fix or replace fence, add a gravel drive, plant 6 trees, add accent                                                                 plants and shrubs, place a 500 gallon buried holding tank for watering needs etc.2 car garage                   $17,000         Add a 24 x 24 detached 2 car garage.