My background is in apartment development, but I recently struck out on my own as a sole prop pursuing MHPs in NC.

That is the niche mentality that smaller loan investors need to develop and master.

We're currently renting in Brewerytown Square, the ~6 year old development where the units went up for sale in '06, before the crash.

I grew up on Oahu and left approx. 7 yrs ago to pursue a higher education and ended up not returning due to the high cost of living and poor job market for my profession.

Message to me: Find developed lots at wholesale.

It's so much easier to learn your profession when you're guided by others with a lot more experience than you.

I am looking at buying a condo in a development that was foreclosed on and is being rezoned for single family homes.

If it leaks again and develop mold, you could be in for a lot more money.

Since inception Colony has invested $48 billion in over 19,000 assets/loans and has ~$25 billion of assets under management (gross) on behalf of over 250 institutional investors.Through the identification of supply-demand source imbalances in capital, product types and information availability, Colony achieves attractive risk-adjusted returns by investing in real estate and real estate-related debt investments, non-performing loans, distressed assets, real estate-dependent operating companies, and select commercial and residential development opportunities throughout the world.

I would vet some banks to see if it is really as hard as your relative says before you just develop an entirely different strategy.