I'll have to physically go withdraw the money to get it which, of course, I have no intention of doing until the lease is up.Thanks for the info on the tax implications...that was kind of my worry as well.  

While its intention is good, i.e. prevent equity skimming, it has another result, due to its poor verbiage, that prevents many pre-foreclosures from getting the help they need.While not all is lost as there are many non-owner-occupied properties to work with, it is nonetheless a hindrance. 

And if my intent is to flip, am I autmatically considered a "dealer?"  

Kind of bummed but Ill keep searching, just seems I'm always last to the party

Where can I find a 'Letter of Intent' to take control of a property I'm interested in wholesaling?

Ill attach a link that will give you more info on the meetup!

You first deliver to them a Letter of Intent, usually a non-binding document stating your intention to purchase the property for a certain price, type of financing and other criteria specific to this deal.You want to have the actual income and expenses to analyze before you make an offer.  

PM me if you want and ill share my results with you (should start getting calls tomorrow)

Interest only until maturity date but of course I'll pay both interest and principal..I also understand ill have more equity with the land plus the steel building vs the mobile home .

You are not manipulating them when you have the right intention to help the person that you are influencing to take action and invest with your team.