Property Details: (Per County Public Records):1.8 acres - $17,8001978 Manufactured Home (Doublewide on permanent foundation w/basement) - $38,770Total Property Value - $56,570Home Sq Ft - 1300 SFBasement Sq Ft (unfinished) - 1300 SFDetached Garage - 1200 SFMy parents and I went to look at the property and to our surprise the place was in shambles.

I wouldn't worry too much about your cash flow while you have the hard money, you need to make sure that this is going to cash flow when you have permanent financing.

Last thing you want is to be 2-3yrs into this property and you cant get permanent financing.  

Is it on a permanent foundation?  

SBA's regulations on leasing require that the small business occupy at least 51% of the rentable property if the 504 project is for an existing building and at least 60% of the rentable property (with the intent to move into at least an additional 20%) if the 504 project is new construction.Eligible Borrowers: For-profit, non-publicly traded businessesTangible business net worth (including affiliates) not to exceed $15 millionAverage net income of the business not to exceed $5 million over the previous two yearsOwnership must generally be comprised of 51% U.S. citizens or Legal Permanent Residents (some exceptions apply)Examples of Property Types Fountainhead Finances:Medical offices or medical facilities (such as labs and clinics)Office buildings (including office condos)Warehouses (and other industrial properties)Day care facilities (for children or adults)Free-standing restaurantsLimited-service, flagged hotels (some unflagged destination hotels will be considered)Auto repair shopsAssisted-living facilitiesCall to ask about many other property types that are eligibleIneligible Borrowers: Non-profits (except sheltered workshops)Passive holders of real estate and/or personal propertyLending institutions (mortgage brokers and correspondent lenders are eligible)Life insurance companies (franchised agents are eligible)Businesses located in a foreign countryBusinesses selling products or services through a pyramid planGambling concernsBusinesses which restrict patronageGovernment owned entities (excluding Native American tribes)Consumer and marketing cooperatives (producer cooperatives are eligible)Businesses engaged in loan packagingBusinesses that have previously defaulted on a Federal loanBusinesses engaged in political or lobbying activitiesIneligible Use of Funds: Working capitalInventoryRolling stockBusiness “good will” or “blue sky”

I took a risk on their "float down" option when converting from construction to permanent and the best they did for me was 1/2% better than the avg bankrate.com figures.

The seller provided a court order "Order of Dismissal with a mandatory injunction"This document is dated after the rehab and states :"The permanent injunction entered on 12-2009- has been vacated and lifted.

Whole Life is Permanent insurance.

Need permanent mortgage. 

It’s been a while since doing one myself (we’re permanent hold) but I did a 1031 exchange with a 2 family for a 12 unit, then five minutes later purchased the 2 family right back – win – win!