This typically involves a syndication and the associated SEC registration.A good lending and securities attorney (which is not a real estate attorney) should be able to explain these to you, set everything up, and help you stay compliant with all state and federal laws.  

Local trade and NAR (national association of realtors) magazines are wonderful as well to help keep you up on your city. 

My accomplishments were made possible because of local investing associations (REIA and ACRE), networking, books, and most of all BiggerPockets (podcasts and forums).  

Just not sure if there are major red flags associated with modular or if it is a bonafide good deal in many cases.

Hey Rob,I'm an agent with Berkshire Hathaway HomeServices and a member of both local MLS associations in the area (Western Upstate and Greater Greenville).

@Jay G.You may not mix personal funds with IRA funds or put a personal guarantee on any debt instrument associated with the IRA.You would need to joint-venture with another investor who is not a disqualified party to your IRA, or utilize a non-recourse loan -  likely from a private lender in the situation you describe.

Moreover, Bank appear to only want to deal through a real estate broker, which is also hard to find due to the red tape associated with these type Loans they shy away including the financial institution.  

You can never cash flow in a market like yours unless you ignore most of the costs associated with the property.

What kind of minimum payment schedule construct is associated with it?

That's life.The fact that their co-signer had even worse credit indicates this applicant has a sub par life style and associates with similar people.