And you need at least 20% equity as conventional loans are usually 80% LTV.The benefits are getting a lower interest rate, at least with the rates we have right not, and getting rid of Private Mortgage Insurance, PMI, which is about $220 a month for me.

Insurance will also be higher (I own a 5 unit).The deal itself isn't the best, IMO.  

If you have a well-maintained unit in a decent area, your tenants will want to stay, even if the increase is substantial and it is within market rent.BTW, prior to purchasing, ask the owner for copies of the most recent utility bills, tenant estoppel certificates (signed paper from tenant stating financial terms of the lease) and CLUE report ( A report that lists if any insurance claims have been filed against the property in the last 7 years) to ensure property is insurable.

Someone who does insurance for rental properties, who understands our true best interest.

Phillip Thatcher, PresidentLandlords Association of Eastern Jackson County (LAEJC)PS: Don't forget to encourage people to contact their bankers, insurance agents, accountants, real estate agents, contractors and other landlords.

Use proceeds from sell to payoff the redemption noteIs this possible?

It wouldn't be uncommon to have to advance for many months of insurance and taxes.  

@Kyle Pare I use USAA for my banking, insurance, and car buying services.

In fact, the manufactured home's existing supports are still necessary for the load displacement, reduction of floor vibration and for leveling adjust-ability.A retrofit is generally required to meet loan or insurance specifications for "permanent" attachment, wind resistance, snow loads or seismic resistance.

The only way your should consider this is a direct payment to the IRS from the proceeds after funding