If the contract stipulated that the money you put down was OPTION MONEY then it might not be classified as EM and doesn't have to be held in separate escrow accounts.

They went back to the bank and became classified as an REO property.

Is the house just classified as a long term rental for taxes purposes despite the mixed use?

Dean currently works as a Senior Staff Software Engineer on classified programs for Lockheed Martin at the Waterton Canyon facility.

The seller is suppose to fix the electricty (which is not on they said there is a problem with the way it is classified or something with electric company i have been asking them for a week and the electricity is still not on) , there is a leak in the house.

Specifically, if you are classified as a dealer, it’s just like running a retail store: The IRS considers your profits to be ordinary income, rather than investment profits.

These are glorified RVs and for the most part the owners do not last long in them.You can not get financing, they do not pass any existing building codes, can not be classified like a conventional home, are not permitted in most RV parks and not legal in MHCs and for what you get highly over priced.

@Jameson Drew No I actually found the listing in our local paper in the classifies section.

Craigslist, MLS, "Driving for Dollars", word of mouth and the local newspaper online classified (for Trustee sales information).  

I stumbled upon this deal on a local online classified ad and the numbers worked.