The issue with our loan would be that there is no collateral since our loan amount would be more than the land value itself if anything were to happen.

A good option might be a hard money loan for the front end at high leverage (15, 10, or at most 20% down) and then adding value and pulling out equity via a DSCR cash-out refinances qualified with AirDNA projections. 

We also make money from the "principle buydown" of the mortgage and the "increase in value" on the asset as well.  

I'm aiming to make a well-informed decision that not only benefits me as an investor but also contributes positively to the community and provides value to local students.

It is also completely free which I was surprised by, given the value. 

If the buyer's strategy is to hold long term, and they are getting favorable interest or payment terms, and the value supports, offering more than ask isn't necessarily a bad thing for them.

Plus some of these are on ground leases, which can create financing issues down the line.I have nothing against manufactured homes, but I think it would be beneficial if there was a comparison for short term and long term historical performance on both rents and value.

However, I'm getting conflicting information regarding the Probate process in CA, where all properties must go through the overbid process, and properties cannot sell for less than 90% of the appraised value. 

@Bruce WoodruffThe new rules will force more conversations about compensation and a longer interview process with agents having to show value.

If your house hacking try to find properties that you can add value in order to make it cashflow like adding another unit or maybe adding rooms.