I let them know that I will likely have some questions on their numbers but after I do an initial analysis, if the deal still looks attractive I would request to view a few of the units in the property and do a general walk through of the exterior, utility areas and common areas.

(out of thisdown payment, I re-capitalize my $50,000. that I put down, pay my $30,000. closingcosts as a seller, and walk out of escrow with $120,000. left over).

Just paint the picture for him that at the end of the day, he will be walking away with $XXX,XXX in his pocket.

Walk past them every morning and night so you can hold yourself accountable to them.

Jeff, after looking at the house twice for a walk through I estimated the rehab to be $100k.

Other details: The home is less than a 5 minute walking distance from the train station (<40 min to NYC); the neighborhood is what I'd estimate a Class B+; the home (from pictures) seems to be in OK condition but may require some touchupI understand this is an owner occupant deal since I'm using an FHA loan, however I just want to run the numbers assuming it is fully rented out so I can judge based on its cash flow merits.Finally, if this is a good deal and I should pursue it, how exactly do I get it?

I am conflicted on what is best as I see good and bad to doing either.In park name - easier to manage administrative work, ensure taxes are paid, easier to recover if owner walks away or quits paying park rentIn buyer name - they pay taxes, if home is damaged would seem to limit park's responsibility, no insurance costIf value of the homes is an issue, the mobiles in question are of low value $2-10K ea.Again, looking for the industry best practices on this.Thanks!

LandlordsFor many landlords of homes, they want tenants that are neat and tidy, pay the rent on time, and don’t call at 2:00 am for backed up toilets.So I generally act like a prospective tenant and walk through the property.Most do-it-yourself landlords are very sophisticated, business like, and I just use this “one what if statement with them,”“Bill let me thank you for walking me through the property, looks like it’s in great shape, I just have one question for you, and if you say no to it I understand, but if you say yes then maybe we can talk about it in more detail, so here’s the question,“What if I could get you 24 payments at 1100 dollars which is what you want for the rent, and then you would allow me to buy the house, at a price that you can live with, and at a price I could live with.With that be something we should even talk about or maybe not?”

"the risk that you would take in such an arrangement is complimentary to the risk that the seller is taking in trusting the buyer to protect his credit by actually paying the bills" and that's where we as investors have the option to walk away from a deal when our position in any investment isn't secured. 

The inspector at the time basically walked thru the house, gave me a "all good" clearance, a list of scheduled maintenance and charged me $500 dollars.