You buy the property and you have to live with the existing leases in place.Look at the leases and verify the rents are current.See if you can talk with the tenants to see what problems they have with their unit and what their plans are.

Hi @Katharine G.sounds like a great plan! 

@Carter Buckingham If you're planning to purchase a mobile home in the community where the land is rented, you'd have to check first with the park manager and/or owner to see if you can move forward with your plan. 

What's your plan?

It will be easier, but you will pay 2x-4x more than you would if you were local and on-site watching.What's your plan for watching the rehab? 

Is your goal to keep these properties as a long term hold, or are you planning to sell within the next 5 years?

Non realtor (me) drawing up purchase contract with seller financing land deal, owner is listed as "ABC Inc Profit Sharing Plan" in the county CAD.

The current interest rate environment has put a damper on a lot of investor's plans to execute a cash out refinance. 

This will potentially also impact any note buyers that plan to buy the notes.

The initial plan was to slowly rent out the spare rooms and renovate until a refinance/moving out and onto the next property made financial sense.