Another factor is how the custodian will charge.

Has anyone had an experience converting a large commercial factory/warehouse into a residential multi-family?

If that's the case you should get additional forced appreciation from bringing better management.I think this deal is solid if the hassle factor is low, the apts are reasonably low maintenance and you are very confident of your pro forma numbers.

As a strictly multifamily investor I admit my bias, but, for me the biggest factor is the ability to scale up to a size that allows for truely passive investing and having a professional management company do the day to day work.

Depends on if the "Modular Home" is a mobile home are a "stick built in the factory" home.  

Forming another legal business company can keep your personal things safe from business legal problems.Another thing you still have to do is to get your lender figured out so you can have a copy of the loan letter and include that with your offers and possibly give the seller a bit of comfort factor is that is beneficial to them by knowing that you can close on his property.  

Here is the list:Highest risk, highest crime, highest turnover areas:64130 – listed in 2009 as the “murder factory” of Kansas City - avoid64129 - avoid64128 - avoid64127 - avoid64126 – avoidHistoric NE areas:64124 – both good and bad areas for renting64123 – both good and bad areas for rentingKC Downtown:64106 – mostly commercial & condos – great area for rentals and flips64108 – mostly commercial & condos – great area for rentals and flipsMidtown:64109 – both good and bad areas for rentals64110 – both good and bad areas for rentalsWestport/Plaza/Waldo/Brookside area:64111 – great area for rentals and flips64112 – great area for rentals and flips64113 – great area for rentals and flips64114 – great area for rentals and flipsSouth KC/Grandview/Raytown area:64030 – mostly good rental area64134 – mostly good rental area64136 – mostly good rental area64139 – mostly good rental area64138 – mostly good rental areaLee’s summit Area:64081 – great area for rentals and flips64082 – great area for rentals and flipsBlue Springs Area:64015 – good area for rentals and flips64014 – good area for rentals and flipsIndependence Area:64052 – mostly bad rental area64053 – mostly bad rental area64055 – mostly good rental area64050 – mostly good rental area64056 – mostly good rental area64057 – mostly good rental areaNorth of the River Areas:64116 – mostly good rental area64117 – mostly good rental area64118 – good rental area64119 – good rental area64151 – great area for rentals and flips64152 – great area for rentals and flips64153 – great area for rentals and flips64154 – great area for rentals and flips64155 – great area for rentals and flips64157 – great area for rentals and flips64158 – great area for rentals and flips64068 – great area for rentals and flipsI hope this can help some of you new investors and maybe some seasoned investors as well.

Obviously, newer ones are easier to get financed.Google - 'Triad', '21st Mortgage' and 'CU Factory Built' for the 3 nationwide lenders.

I agree market play a big roll but I also think a big factor is the particular bank.

While price is a factor, I would be more concerned about using an agency that specializes in community insurance.