My best piece of advice is to buy a house with an existing permit.

There are so many gurus online pushing 0 down loans, and it simply does not exist if you have no experience, assets, or reserves.

By then they are usually dodging calls and would just as soon I forgot they existed. 

When they do, they are typically covered by insurance and settled outside of court.The odds of a landlord being sued for a large enough amount that it eats up their insurance, the equity in the investment, and their personal assets is almost non-existent.

@Brett Jurgens  What is your current financing terms on the existing loan? 

Existing mobile home parks are in high demand for all investors large and small.

But I have never seen a situation were the concept delivery and accompany contracts and paper work was as Poor as this or non existent in many cases. 

10% is not going to exist, 15% still does currently, but it will be very hard to make work considering the current environment. 

we did that except instead of renovating it we knocked the existing home down and built a new primary. right after we were completed we had $500k in equity as we acted as the GC on the project. 

For most of their existence Fannie and Freddie were privatized.