Again, that's the general going rate and terms but each bank could be different. 

banks wont give you any value for the homes and do not like park owned homes.. they like to loan on space rent.this will be difficult to finance.. and most of these have to be owner financed.I have owned 4 parks and the first thing I did was either give the units to the tenants or sell them very cheap and convert everything to space rent.. thereby removing the maintenance part of this.. 

Find a commercial mortgage broker in your city, they represent multiple banks and can find the best fit for your deal.

We're to the point of exercising the option now, but the title company wants a letter from my bank (I still have a mortgage), stating that they're ok with this wrap. 

CA OR and WA have very specific laws as it relates to what you can and cannot do with a homeowner in foreclosure you should read those before you do anything.. they have severe penalties for violators..Once you figure what you can and cannot do legally.1. as Wayne above state Credit is trashed. your bringing no value there In West coast Purchase Money Deed of trust foreclosure  credit is trashed and bank has no right for a deficiency judgement. 2. 

My father has been in the lending and banking Industry for 40 years.

The lender at my bank also said he’s starting to see more money being invested in that area and I feel there is a lot of room for growth in that city.Chelsea is a rougher area but flanked by a budding East Boston and a new casino in Medford where people with a lot more money than me are investing in.

What if you come from the mortgage servicing industry, or like a bank.

Banks will always want a personal guarantee from you so there is no real benefit

With a degree in applied mathematics the numbers don’t scare me and I know one day I can get out of the banking industry IT world.At this point I am looking for my first rehab property to fix and flip on the east side and to network with individuals and mentors.