If the prospects look financially shaky or sketchy, I ask for the name of a co-signer - and collect payment for a background check on them.Verbally, I also ask when they are interested in taking occupancy, and I tell them the application will be made part of the lease agreement - that I can evict them if they've lied in their application.

Yea they would keep that in place and you'd get a second position mortgage for the rest at, well, higher than todays rates.

@Caryn FischerI agree with Jaron, you should definitely have a consultation with your tax accountant and/or financial planner before you do anything. 

In December, I took my first big step by getting my Florida real estate license, and now, I’m ready to start building my rental portfolio and working toward financial freedom to buy out time for the most important things in life.

Utilize financial analysis and market research to make informed investment decisions.

I know they would be worse off refinancing at today’s rates even if they could find an alternative lender able to lend on older mobile homes.

I heard a story today of a condo owner whose entire complex was lost.

Even finding 1 is tough in todays market, let alone 3!

Sellers who are in financial distress or dealing with a property in poor condition might be more open to this type of arrangement if it helps them get back on their feet.The key to making this work is transparency and clear communication.

@Alex Lee203k is an amazing tool as long as you don't overextend yourself financially.