I am retaking the Georgia Salesperson Examination ( Real Estate Practice in Georgia and the National-AMP).

There are a lot of facts and circumstances that need to be examined and understood.I think you'll agree that this is a good example of why using a CPA, upfront, is extremely important.

Every deal should be examined closely and before it's too late to change course.A TIC structure could be called a syndication. 

Is it more common to go and physically see/examine mobile homes?

If we had been able to do that, we would have likely saved 20-30k on the purchase price (someone bid us up in the auction)....However, I think we made the right decision to NOT do that given where we were and comfort level with the process (perceived risk was higher at that point and its worked out well)To buy directly from someone that's getting foreclosed though... as someone mentioned you do need to consider all the 'usual' stuff that happens in a closing/settlement - including having title examined/possibly insured ---  you can pay for this directly from a title /abstracting company however they usually want it paid in advance. 

I'm currently in the process of acquiring my salesperson real estate license in Michigan and take my state exam in November.

For my state (Ohio) its a 120 hour course followed by an examination.

Lastly, additionalbackground on friend is he just completed his post graduate degree andpassed the required state examinations approximately 6 months ago and issaddled with debt; however, he is beginning to make money and thiswill be something we both have on the side to grow our net worth withminimal tax liability consequences.Any and all insight from BP users would be GREATLY appreciated.

:I'm not saying this is a regular occurrence, I'm saying that this situation is worth being examined and that there is possibility that homes that are out there sitting for years with no one doing anything about them, maybe the banks have they plates full to the point they aren't putting the time or feel the mortgage isn't a priority on their list anymore.

@Jessie Sulecki I can't tell what state this is in...but make sure you examine their "rent to own" contract.