The very tragic LA fires have generated a lot of discussion about insurance costs.

Whether the seller was open to a buyer commission or not, I wouldn't put an additional cost into any personal purchase.  

I have other money that'll cost me 10%.

3) Your $250k with 30% down => about $750k (you also need funds for closing costs, taxes, etc.)

We have an existing mortgage (backed by these 2 lots and 2 others) and given the increase in appraised value there is no need to pay anything back to the lender when selling the lot.

I am working on increasing my knowledge and skills on the accounting side of investing.  

Hi @Robert B Azimi,A home that has been registered through The Mills Act, can be rented out the same as any other property, and it can even increase rental revenue as there are people who really like the thought of living in a historic house.

My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating. 

We've since increased their rent to market rate, and now we're experiencing late payments.Family Member as Tenant:Issue: Our family member is behind on rent for more than 5 months, with a rate below market due to their relationship with us.Behavior: They have made excuses about financial struggles, yet have been seen treating their new girlfriend to fine dinners and outings.Impact: Both tenants consistently pay late and have shown complete disrespect to us, the property owners, despite efforts to ensure their happiness and success.We'd hate to impact our relationship with them, but right now, they're hurting us and our pockets. 

What the investor will have is a long term appreciating asset; that will provide an increasing cash flow as rental rates increase, and steady amortization as the note is paid down.