Does it need to have tenants in place before the loan or can I use rental estimates and then rent it once it's in my possession? 

It's taking us about 60 days max to get possession of a property from the time we file eviction.

Additionally, once HUD takes possession, it typically takes 2-6 months or more for HUD to get the property on the market. 

@Christian Hutchinson, I will be taking possession of a 3 br, 2 ba in Farmington Hills that will rent for the upper end of that range today.

I think you may also, need to make up your mind, are you collecting rent or are you seeking possession of your place? 

I’m trying to figure out how to take possession of a MH that has not been moved from my land (I went through the eviction process).

Here's a good habit (from the guy who had to learn to makes things simple after 30 years of making them complicated:Just write down on a piece of paper the basic terms that apply: The priceComponents of the priceDown paymentFunds due upon at possession Other Consideration Existing loan to remainAmount of Secondary financing (equity of carry back note, wrap, etc)Other non-cash consideration (car, boat, ugly yellow motor home, etc.)Addressing your original post, I believe, is that you keep the offer simple, can show the initial equity of the wrap 2nd either separate from the 1st, or since there really isn't ANY equity in your example, show the existing 1st as a component of the wrap 2nd your are creating.

Then you must obtain possession as you would for a default of a lease.

Look at it this way, if you default and the lender has to take possession, the homes can be moved as does any value that is assigned to them. 

If you are hiring people to help move out the tenant's possessions on the set-out date when the sheriff arrives, that will cost extra.