They are just as bad as cars - after they're off the lot they lose a hefty % of their value.I have been doing land home deals similar to @Curt Smithand do everything in my power to close under 20K and put under 10K into them before renting out the homes - eventually establishing credit for the tenant and selling it.  

I'm treating this all as a business so if it costs some extra fees a year to save my behind from being sued and losing everything why not pay the fee?

In that document it says that if they are are found with drugs they lose their security deposit.  

Told the tenant flat "we lose you, I'm finding a Section 8 tenant, single mom, 5 kids, and i'm vetting for someone with a taste for General Levy and big into Jungle.

The sooner you lose the "I don't need to pay someone, I can do it" attitude, the better off you'll be.Hope this helps ...David J Dachtera"Success is not a destination.

Problem is that if I sell, I will lose $6k immediately for a prorated soft second mortgage from the Cherokees.

Don't do something silly and end up losing it.

Is it me being a new investor or are the deals (rehab and "turnkey") posted in the Marketplace a bunch of losing properties?

If you are not in the right market you will lose money, rationalize the losses, and lose more money, get frustrated, and give up.  

I'm purchasing the house without a financing contingency, so if my lender says "no" for some reason, I'm still stuck with the house or losing my EMD.I've had to point out to several highly experienced real estate agents in this area that no checking the boxes for financing is NOT the same as an offer that I'll be paying cash for.To OP, it's possible that your HML's POF letter is written sub-optimally and that some minor modifications would satisfy the seller/AM.