The process can vary greatly so it's important to understand it and ensure it works for you.

This team consists of an Investor Focused Agent, Lender, Contractor, and PM.Read this article on the "core 4".

@Nick Rivers This might be a bit controversial, but I actually don’t think underwriting is the most important part of "finding deals."

Hi Mike-Congratulations on being a first time investor and you are wondering when to start using a property manager.The property manager is probably the most important person on you team.

As important as due diligence, analysis, knowledge of the property type, track record of the syndicator, correctly predicting economic trends, and timing is, the number 1 way to avoid a devastating loss is NEVER INVEST MORE THAN 10% OF YOUR INVESTABLE ASSETS IN ANY ONE DEAL.  

Many would be surprised to learn that about half of all states allow discrimination based on marital status, meaning a landlord can reject applicants that are not related and not legally married.As always, it's important to know the laws of your jurisdiction.

In my opinion, more important metrics are total profit and time spent managing the operation.All marketing works.

Q2 is most important: If the mortgaage is upside down, it would have to be an approved short sale and that could take a very long time to rectify.

Finally, double-check local demand and rent trends in the area to ensure the pro forma income is achievable.I’ve worked on several mobile home park deals as a broker and am currently helping a few clients sell their parks, so I know how important it is to ensure the numbers make sense both now and in the long term.

It's important to find out.But for now, let's assume that the property is worth $63 million as @Jason Piccolo indicated above and the loan balance is $59.8 million.