I would not loan on this deal for only an interest rate, but only for at least 50% of the profits and would want to see a track record from you.

Just curious if there are any good stories out there...I'll start - Around early 1990's still in college and had some time to burn, was browsing books at Tower Records down in Marina Del Rey and saw something like "how to buy government land for pennies per acre."

If you save them all of the leg work of researching the information, organizing it, etc they can move forward faster.

Did you lock the property with an affidavit of memorandum and had it recorded?

Also, do you have properly recorded documents for the loan?

What I'm wondering, has anybody called up the organization that placed tax liens on properties and negotiated with them if they would take less than the full amount?

Months later...Josh Cantwell, "rementor", (a guru) claims to be using this effectively in a short sale context, and claims in 70% of cases, a recorded memo of options satisfies title seasoning requirements too, as long as it takes 3+ months to get the SS approved/closed, not unusual at all.

This definition of UBIT taken from IRS publication 598: "... if an exempt organization regularlycarries on a trade or business that is not sub-stantially related to its exempt purpose, exceptthat it provides funds to carry out that purpose,the organization is subject to tax on its incomefrom that unrelated trade or business."

Hi Dottie,You'd probably have to check with the local authority in charge of manufactured homes - see what they've got in their records and how they see this property - i.e. real property or personal property.

You might try the National Apartment Association:http://www.naahq.org/Pages/welcome.aspxTN may have a similar organization.