Here are the numbers:Original Loan Amount: $ 42,700.00Loan Origination Date: 12/09/2013First Payment Due Date: 01/01/2014Last Payment Date: 9/27/2018Current Loan Balance: $ 41,802.77Current Interest Rate: 9.900%Current P&I Payment:$ 371.57Current Escrow Payment:$ 30.43Maturity Date:12/01/2043Term Remaining: 302Loan Type :CFDFMV: $87,500The WorkoutWe picked up this asset for $18,500 ( 44% of UPB)Expense Cost: $2000 (Includes, servicing, initial due diligence, forced place insurance, back taxes and misc)Contingency Fund $2,500All in Cost= $23,0008 Months of Payments = $2968Reinstatemet fee from borrower = $2000Total Income received $4968We sold this property after 1 year as a re-performer for $35,500 (Approximately 85% of UPB)$35,500 + $4968 = $40,468 Total ROI = 76%We're excited with how this one turned out and can't wait to see what we will do with our next one!

Hence the disclosure codes and statutes set in place to prevent such akward scenarios.Like the previous agent points out, even the buyers agent hearing and countering offers initially secretly on his own property - unbeknownst to client that agent is also principal - would not be scandalous in some agents eyes because before they accept the offer, they will 'counteroffer' their pokerface disclosure just like you've similarly witnessed firsthand.Keeps Dept of Real Estate busy issuing misdemeanors, suspensions and such from time to time after investigating details of iffy transactions all the time.

It's not necessarily a matter of time; it's a matter of risk.You can hire a leasing agent to handle the screening which is probably the most important step.

I applied for a Cash Out Refinance with the bank that holds my mortgage.In an effort to actually enjoy my life and spend time with my 1 year old son as he grows up, I left my job at a Fortune 100 company to own a business where I make very similar money working about 6-8 hours/week instead of 60-80.The next step IS real estate investing.

What’s the first step you should take?

Hey @Michael Junior You can drop mail on their door step but don't touch their mailbox because that is illegal :)

Step 1 for many investors is getting a good W-2 job.

I'm aware I'll  loose the economies of scale a proper MHP would have, but would this idea be cost prohibitive, or potentially a good stepping stone to one day being able to graduate to a real MHP while gaining local industry knowledge & contacts? 

Speak to an attorney regarding possible next steps if the tenant doesn't vacate. 

My initial budget was $120k with an ARV of around $550k.