I'll keep it easy to read and summarize with bullet points, Here's how I did it:1.

one thing we had to deal with though in our area is rent control..its a great business and well position quality parks on city water and sewer are about as bullet proof of cash flow investment as one can make in my mind.. once the coachs are there they done move. especially if they are pit set..

Should I bother giving him leeway to come up with the cash so I can buy myself another 6 months to save or do I bite the bullet now and do a half *** job renovating in order to get someone else in there?

Tag me if you have any specific questions but here's some quick bullet points on the program:Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Minimum: $5,000 (below this on an exception basis only)Maximum: Limited to 50% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesRenovation Term: The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

It is an off market deal, and when the owner sent me more details, one of the bullet points read: "The siding is asbestus but the house just got completely repainted and it is sealed."

I bit the bullet and said replace it.  

For a long long time the unsolicited offer has been seen as a magic bullet. 

Here are my best three bullets worth of advice:Get and review client references - Talk to the last couple of investors they sold a deal.

@Marc WinterI would say, I would kind of need to structure the deal is such a way, or atleast, considering my financial situation, it would make the most sense and have potentially less risk than using a HML, insofar as the concerns you mentioned can somehow be addressed within the contract.The house in question has an ARV around 225K, around 25K in repairs and I would offer to buy at no more than 140K.The 10K I have to work with would not cover the downpayment on a 140K loan at 10% with a HML, unless I structure the deal with partial seller carryback on a note for 50K payable after the sale is complete, in which case I would need a loan only of 90K which would leave me 1K to cover interest payments, assuming points are rolled into the loan and a bullet loan is not an option.She is my neighbor and I'm on very good terms with her.

I believe he also has an umbrella policy too, so he is about as bullet proof as you can get.Financing and paperwork is simpler the way I am doing it.