You buy the property and you have to live with the existing leases in place.Look at the leases and verify the rents are current.See if you can talk with the tenants to see what problems they have with their unit and what their plans are.

I was wondering if anyone here has managed to do a new construction BRRRR in the more expensive states.

And then there is accounting, invoicing, marketing and advertising, legal expenses, liability, insurance...Oh yes, and ideally you want to maintain a decent profit margin on top of all that.

@Carter Buckingham If you're planning to purchase a mobile home in the community where the land is rented, you'd have to check first with the park manager and/or owner to see if you can move forward with your plan. 

It will be easier, but you will pay 2x-4x more than you would if you were local and on-site watching.What's your plan for watching the rehab? 

Is your goal to keep these properties as a long term hold, or are you planning to sell within the next 5 years?

While waterfront properties often command higher prices, higher potential rental income, and higher appreciation rates through time, they also come with significantly higher upfront costs and huge maintenance expenses.

This will potentially also impact any note buyers that plan to buy the notes.

Non realtor (me) drawing up purchase contract with seller financing land deal, owner is listed as "ABC Inc Profit Sharing Plan" in the county CAD.

The plan is to get my brother to get an FHA loan (approved for multiplex) and I cough up the dough :P...