The workouts are brutal, but very rewarding.

But thats only in year 1.Where things really work out in real estate investing is over time as the mortgage stays the same but the rents increase.After year 6,  that property would be worth 1.33 million (again, assuming the 4% appreciation) and they'd have a remaining loan balance of 791k which gives them 539k in equity. 

Credit ~800Presuming 25% down, but open to whatever numbers work out bestNon-owner occupiedLong distance (no specific geography selected yet)Professional managementLeaning towards MHP initially, but open to apartments if the numbers workPriority is maximizing cash flow, especially in the first 1-3 years

Destination parks are the most intensive from a management perspective.

If you're only 1.5 hours away and need the condo for personal use, it would probably work out nicely for you to self-manage.

Depends of course on how the deals work out.

That would be his issue with his lender.You would have the option of forcing him to complete the deal, he then has to work out the problems between himself and his lender, that is none of your problem or business.Have your attorney or the real estate agent's broker send a strongly worded letter as a warning about the consequences ( a lawsuit he is unlikely to win).

This would be both a risk mitigation strategy as well as a bite size learning opportunity as I intent to manage close to all aspects of these for at least the short term (want to be an expert in the day-to-day operations before hiring this work out). 

How did it work out for you? 

Of course, after you tell them that, you do keep trying to help them, and work out a deal that everyone is happy with in the end.