Maybe the reason the park is not selling is there is bad financing in that area- so they 'solve' you financing issue by doing a owner carry...my point is- you have zero idea of what your next step is until you 'have a ball in play'.

Depreciation comes into play, too.

They had been foreclosed on in another town in 2003, so they know how to play the foreclosure game apparently.So even though a notice of foreclosure hasn't yet been filed, it could be that they are going to do a "rent and bail" rather than the "buy and bail" that others have done.

If you purchase a 4-unit and reside in one of the units, you can qualify for super low FHA financing (3.25% for 30 yrs, with just 3.5% down payment), the other three tenants will probably enable you to live for free (in fact, some FHA lenders limit the max loan amount such that 75-90% of the rental income covers the property's PITI), and you will get some great experience.Since you're renting currently and are a good borrowing candidate, this is an ideal way to go.

Furthermore, if you are investing from afar you typically have a vast area you are willing to play in, so how many of these realtors you using?

Regulations on title companies are strict so most don’t play around with contracts they are not familiar with.

The water company is responsible for the meter itself also, even when the meter is inside the house.The cities that I deal with are like this also.

jamesSome people buy their education on the playing field.

If you are new, do some role playing as a renter and go LOOK at some of them!

Or a fad that came back around with new people playing.