**Rant Alert**I HATE showing a property for sale or lease when the current tenants have NO IDEA I'm coming.

Thanks, this is a great idea about a cap!

If you can keep the current tenant and raise the rent to market level, I think that's not a bad idea either.

When we take a property off of our books, owners usually want a payout right away, but we have to hold some of the money in escrow to make sure we can pay outstanding utilities and bills that haven't been submitted yet.

I don't have any idea what it will cost roughly to make the other lot as a living space - right from assigning address, brining in utilities,  plans for the mobile home (3 bed and 2 bath) install, etc.

yes 700k loan 20% down = 140k to do the deal with those guys.. dont send them 50k deposit though for gosh sakes.. only money they should charge up front will be apprasial and maybe a few hundred for an app fee if that,  Keep mind as well with hml or pml or ANY loan you dont have 100k equity the majority of that will be eaten up in points  Junk fees and interest depending on how long you hold it..

Great ideas Garry.

That is a smart idea to prevent anything negatively happening with your loan. 

If you do it right, the returns are better and you have control, meaning you can refi, sell or hold in the time frame you choose.  

Is it a good idea to favor one or the other, or incorporate a little bit of both into a single mailer?