Dustin valuable info there from jon.dustin if you are useing seller financing(holdind the morgage for the buyer ) [MOD: you might consider selling the note.]

Sorry, can mods delete this!

After driving around, talking with a lot of people and starting my extensive due diligence process, I find these are pretty popular and tend to have minimal to no vacancy -They're classified as mobile home parks but are essentially POD units on small lots.

@Peggy Beene As you may know, a property with a 2% rate is the result of a loan mod.  

The mods might tag this post.Regarding where to find equity, I'd do a property search for owners of similar size/value properties in the area.

Charles I definitely agree and I am not even close to being a tax person.When I do commercial short sales the sellers ask about the 1099 phantom gain and how that will be huge to deal with.I tell them if they can to try and do a loan mod or interest rate reduction first.Some bought at the height of the market and are pouring money into an over leveraged property.

EDIT: Oops, wrong section, if one of you Mods could move I'd be thankful :D

Is miscommunication between the loan mod dept. or short sale dept and the foreclosure dept. part of this process?

Also, the notes available to me have the homeowner still in the property, giving us numerous exit strategies (loan mod, deed in lieu, forclosure and leaseback, etc. . .)

Yup, that's spam...I'm waiting for another mod to pull that down (I don't have permission to remove individual posts)...