Offering 5 year fixed at 5.25%, years 6 through 10 float at WSJ prime plus 1.5%, Balloon end of year 10. 

My concern is if my buyer backs out of the deal then I need to float the building until I find another buyer.

Having two mortgages and having to float the rental one could be spreading yourself very thin.Why would you hate to lose it?

I know its not legal.. but I self insure myself in that regard. some say its recession proof and some say not.. my banker says not.. he says when economy gets tough they just won't spend 200 bucks a month to store their stuff they either up and leave it or move it somewhere else.. so that's two opinions.my units were quite unique one they were A class and two right across the street from 300 floating homes and all my tenants save a very few had house boats.. so I kind of had a captive audicance and once I got it converted to mainly all houses boats..

Some will even give you a credit line up to 90%+ of home value.It would allow you to access a lot of that equity to use for down payments or cash buys.The downside is that HELOCs are usually floating rate.That’s probably the easiest way to minimize fees, keep your properties performing, and expand the portfolio.

Some of it was 'donated' labor - I tore out a rotted part of a bathroom floor, replaced the subfloor and put in new floating vinyl - but the expensive/time laborious stuff was bought.

By the time you factor in insurance, taxes, PM, vacancy, CapEx, repairs, utilities that tiny amount of rent usually isn't enough to keep the thing a float.

Account Closed I've seen a few of these programs floating around... could you provide any additional information in regards to the 1% and 3% down payment program with closing costs paid for buyer.

There are several posts floating around these forums.Figure out what your criteria are. 

The floor under the carpet was weathered just like drift wood!