I know they would be worse off refinancing at today’s rates even if they could find an alternative lender able to lend on older mobile homes.

- Will they search for off-market properties for you?

There is another house about two blocks over that I have the opportunity to buy off market under market value.

This route requires more attention as you will need to ensure that you are finding good deals wether they are on the market or off market.

This means having to take a chance and take the property off the market for 2 weeksOption 2- Accept the offer with a provision that allows you to continue to market the property, knowing that there's a chance FHA may not fund the deal. 

I make around $110k+ per year, live off around $75K, have a mortgage ($1900/mo for rent, escrow, tax), around $40K in equity, and no other debt. 

Since she was a first time homebuyer we were able to save her 1% off her interest rate!

It would be a good idea to assess your tolerance to risk and then plan something like that, but using a heloc is going to be around 9-11% in this market so to pay something off with lower interest rate to borrow more might not make much sense.

Hi Angelica,Just adding my own 2 cents worth here from a deal I did not too long ago:I bought a prop off Auction.com about 2 years ago.

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra.