., is your question really, should I leave the existing financing and take another loan once I've added value or should I retire the original financing when I take out I new loan?

Very rarely does it make more sense to bring in a mobile home instead of fix up the existing one.  

@@Abad MarroquinPre-foreclosures or "before the notice of sale deals" have to have equityI want to three months behind on payments, no moreAfter I pay back payments and fees I want at least 20% equity to take over the payments subject to (subject to existing financing)The ideal "subject to seller" is someone wants to protect their credit ratingThe Piti payments compared to market rent I want cash flow of at least a few hundred dollars a monthSo the deal discussed  I would not even consider

I live about 10 minutes from the Indiana border which has very low property taxes, but our realtor says there's no point in trying to invest there because the market is over saturated with investors making it nearly impossible to obtain a property.

Use the loan that I just used to buy my first duplex in MN: Portfolio Conventional Loan, 3% Down Payment, No Mortgage Insurance (yes this loan really exists).

Or  can you do a subject to existing financing with 10% down of his equity position and have them hold a second for the balance.

We made the mistake of ripping every bit of the existing landscaping.

You really need to understand the value of the problem.In order to maintain low property taxes and avoid reassessment during the course of trust administration you'll need to obtain a "fiduciary mortgage" to the trust.If you take the property out of the trust, even temporarily to refinance, or to buy out the other beneficiaries, you'll trigger reassessment.Fiduciary mortgages will also limit you to borrow only about half the current value, less any existing liens and mortgages, if any.

Can you refi any of your existing investments and pull out the equity to do this deal?

Cash flow is nearly non existent but if you can hold onto property over time you should be able to make a to considerable value gains.