I know that it doesn't apply to you because you're purchasing from a family friend, but Conventional financing also gives you an advantage in a multi-offer scenario over anyone with FHA, as many realtors believe that Conventional financing is not as likely to fall through as FHA. 

@PJ McLaughlinWhenever you apply or renew your rental license you should state if you have any children under 6 years old living at the property.

After the first year of paying for fuel oil to heat the building I switched to Natural gas and cut the heating bill in half.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

If one or more investors just pays money and expects to get a profit based on others' efforts, you have created a security and SEC laws apply.

When I applied the 70% rule minus repair estimates the price seemed so low that I did not dare to even do an analysis with those numbers. 

Instead, you'll have to apply for a commercial loan which has different terms and conditions than conventional loans.

The owner can legally implement a community rule change banning the use of oil heating and force all residents to replace their furnaces to use electric or propane/natural gas.Be careful in assuming a community owner has no rights or taking advice from those that do not invest in land lease communities.

@Chris Mason what minimum payment amount would future lenders apply to a DTI calculation if you had a $200k unsecured line of credit open with a bank?

@Rolando GarciaI would also make sure to check out whether the other structures coverage was for ACV or RCV value- many policies only cover ACV (with depreciation applied) value for Other Structures, which could crush you if it is older.