On the flipside I see the potential based on comps in this neighborhood so I don't want to penny wise pound foolish.

The state of the economy and supply vs demand is making investments more expensive; however I believe investing in markets that are still slow at this point or have ample supply is a risk - they will drop faster and have higher vacancy rates in the next slow down cycle.Investors want motiveated sellers and buy cheap - but think about it, why would you want to be in the shoes of the guy who ownes something that is so undesirable that you have to discount it to find a buyer.   

The Poverty Kid turned Real Estate Investor journey was not easy 👇🏃🏾‍♂️ From dodging gunshots in the New Orleans Housing projects as a kid to 🛏️ Frugal living in an undesirable apartment to🏠 Purchasing a starter home as a first-time homebuyer to👨🏾‍💻 Buying & Self-managing my multiple rental properties to 🗣️ A speaker for BiggerPockets!

I did notice the pound sign and dont want you to think that the things that work here will also work there.They may and may not.

It's not overly burdensome yet, but I imagine as time goes on more states will get involved to get their pound of flesh.

It isn't the same as apartments at ALL - and I am someone who comes from multifamily and is transitioning into MHP's - I know.You don't need to buy it but you are being extraordinarily penny wise and pound foolish if you really have a MHP under contract and you don't want to spend $200 to make sure you don't buy something and make a huge mistake.

This comes with time and pounding the pavement.

As one of the other peope posted, nothing beats pounding the pavement and getting out there.

Originally posted by @Robert Howell:I believe the borrower cashed out the property.I took this somewhat vague statement to mean that a foreclosure of the investment property was unavailable/undesirable for whatever reason, which is why the OP was attempting to look to other assets to collect on his note.

I would politely tell  them no and if that is not good enough tell them to pound salt (politely if possible).