Your agreements with contractor should be based on a schedule of values and when work is completed they get paid.

I do think it takes far more time to master pricing than you make it sound because pricing based on beyond / price labs etc. is really bad.

I highly recommend starting by tuning in to the BiggerPockets podcast.

@Mark Walker - There are no conventional "dscr" loans for SS and MHP; however, the actual metric still applies when evaluating the physical ratio performance of the asset classes.Private banks are really the way to go here and leverage is determined based on POH vs.

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

Identify your target market - Research different locations based on your chosen strategy.

Based on what you're telling us, you may be good to go with qualifying for an FHA loan.

Just wanted some insight based on above discussion.

Listen to the BiggerPockets podcast.

Based on what you described you will be incurring significant expenses renovating the building.