Mobile Home is outdated and was legally changed to Manufactured (after new regs came out in late 75).

An earnest money deposit may not be required in your state to form a legally binding contract.

I had a similar deal and had to go back to the original purchase that started the mess and reconstruct everything and when all was said and done, none of the supposed heirs had a legal interest.

Hey Kirk I actually was considering the classes mainly for the education, terms, understanding contracts, legality etc....

I find several seasoned investors spouting off to newbies that really have no clue what they are talking about and it's very dangerous.If you are involved in a real estate deal in any way, you can be sued, and will be if you don't offer the suggestion that she get legal help before she does ANY deal.

Initially, it's more important for newbies, unfamiliar with business requirements to consider taxes at a lower initial or beginning level, access with cash flow, ease of maintenance of records, tax filings, legal work and administrative filings and duies.

Most Tax Attorney's only know the legal matters.

Out of that $540 you're paying:TaxesInsuranceUtilities (at least when vacant)Legal costsCPA costs (or, higher taxes if you try to DIY your taxes)Vacancy (even if just for a week or two during turnovers)Routine maintenance (inevitable, stuff really does break)Make ready costsTenant damage in excess of security depositsCapitalThe 50% number is well supported by large data sets.

If I remember correctly, this contradicts what I learned in my real estate classes -- while an unrecorded deed may not protect against third-party claims, the deed itself still defines a legal conveyance of title/ownership.

Make the end buyer feel as though if he screws you over, he may make an extra $20k but he'll lose ALOT more because 1) the pipeline of great deals you were going to plug him into just closed and 2) you know enough serious wholesalers out there that once he rips you off, all other wholesalers will know he's a crook as well.Again it's more of an 'attitude' than it is a 'legal' thing.