So when you buy a property do you use a conventional loan or something else?

.- Try to find off market deals for way cheaper (e.g. using hard money, then refi into a rental loan)- Try to find properties where the owner will finance a big part of it and you get only a small loan with higher interest rates for the down payment.- Get a property subject to where you take over payments for a loan with lower interestfeel free to reach out and discuss some ideas

The same loan brokers that do MH also do RV, as do the insurance companies.We own both, and the only benefit of an RV park is that -- if you find the right one -- you can ramp up revenue faster because it costs you nothing to fill a vacant lot.

BESIDES DESTROYING PEOPLES LIVES YOU ARE INGAGING IN CRIMINAL ACTIVITY .ALL THE HOUSES ARE PAID OFF IN FULL AT CLOSING.BANKS NEVER LOANED US ANY MONEY!

and 2) would I have to declare rental income if the agreement stated that he was paying the mortgage (instead of rent) until such time as he could get a loan to purchase it.Advice and comments welcome!  

(rent payment at fair market value.)Loan Payments: Ensure the rental income paid by the LLC is used for mortgage payments, clearly documenting the transactions to avoid co-mingling of funds.Insurance:Landlord Insurance: Obtain a landlord insurance policy for the rental portion of the home through the LLC.Homeowner's Insurance: Maintain a separate homeowner's insurance policy for my personal residence.

Most Likely we would have to buy the property with a loan and get a construction loan for the upgrades to convert.

@Kelvin BoydDeciding to buy a property or wait for loan rate shifts leans on many parts.

@Sunny Karen- thanks ...nice sounding plan ....if you havent already done so - make sure to get yourselves  formally pre approved  with a lender  using a hypothetical  scenario ... depending on the loan amt needed ( if any) - make sure the lender you talk to can handle the amount . 

Your family might benefit from buying a 2-4 unit property with 5% down using a conventional loan.