If you have credit challenges, and are unable to get refinancing, I'm afraid he may be able to take back ownership of the building and you lose your $30K.

If I had lost 20k that would have sucked, but I wasn't going to end up homeless, or unable to ever earn money again.

MHP are an endangered species.

BP has a few podcasts about it, with this being the most recent: https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-252-house-hacking-your-deal-life-hacking-craig-curelop/Unable to use it now, but from what I understand an FHA loan can be used up to a 4-plex as long as you intend to live in it.

As Marc said, I would get a larger deposit from the renter who you are unable to screen.

It doesn't matter if you are ultimately unable to occupy.

It's unrealistic for the OP to expect that, especially with no money to rehab and being unable to qualify for financing being self employed and fresh out of college, and with the property not being a bankable asset.

Hello, I was working with my Realtor and he found a place for me, I signed the lease put a 1st month deposit to hold the property and waited for the HOA approval. When I got a approved an family emergency presented an...

I've only experienced one or two times out of an extremely large volume of transactions where I was unable to locate a subordinate mortgage.  

@DeWitt Gibson if the owner currently occupies the property it is normally listed as "Owner User" however many times it is labeled as "Owner User" just because it is vacant and they are unable to lease it!