What @Amit May is spot on and you can make very good money investing in the Bay Area if you start in your local backyard.

My insurance is a little lower but otherwise these numbers are spot on.

@Joe Fairless is spot on with performance hurdles, make sure you get it in there.

They are very clear in that regard and seeing that HUD is pretty much FHA I would think they would be on the same page. and this information seems to state the requirement is one year as well.Okay I found the exact spot in the FHA guidebook4155.1 4.B.2.b FHA Requirement for Establishing Owner Occupancy At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied.

Tony,There are many landlords sitting on big chunks of equity and with enough down they would privately finance the first position note for you.You have to be clear with them upfront that you still want a DEAL.In other words for financing they WILL NOT expect to stick it to you on above market rates and loan terms.A better solution is maybe to put 10% down and have the seller hold a short term 15% second.You just have to find the right seller at the right time.For some it's not all about the money as they have a ton already.Instead it's about selling for an okay price and getting rid of the landlord headache so they can do the things they want in life.The balance of time and money is hard.Many have a bunch of time but no money and then many have a bunch of money but no time.Hitting that sweet spot is the hard thing to do.

If it is all hidden as you stated and you fully disclose in the manner suggested by @J Scott, you will be fine.As to your numbers, if those numbers are spot on, you have a decent deal on your hands assuming you can get in and out inside of 6 months.

2) Are you willing to fill out an application on the spot?

J Scott blows up the spot!

Zero Hedge has a tendency to always predict doom and gloom, but their analysis of recent market behaviors tends to be spot on.2.

My park is in the western US and is 25 spots total. 16 of them are park owned.