Large national bank's don't lend on parks, not because they don't like MHPs, but simply because the niche is so narrow they don't commit the bandwidth to the asset class. 

The fact that there is so little transparency is a disadvantage to the borrower. 

Oh i just read your new comment, this is so great to see that we can get traditional mortgages!!!!!!

I am definitely planning on living in the unit -- the whole reason I'm even thinking of house hacking is so that I can afford to live in the Boulder area without being house poor.

Someone who would buy the home to live in in might be okay with the property being a little outdated because the location is so good, so they might be willing to pay the $375k to get a $400k property that they know will need a little work in the future. 

The OP is claiming that their grandmother unknowingly inherited a property from the 60's and this is coming to light some 60 years later.Any other place in the country, that property would have long gone to tax sale and been bought and sold 10 times.Philadelphia is so far behind that it is quite possible that no one has paid RE taxes in 60 years and it is still on the list to go to tax sale, therefore is still in grandmas name.Second problem is, it's ridiculously easy in Philadelphia to forge documents and transfer ownership.What your cousin needs to do, and I doubt he will do this. 

For myself, the potential of a potential is not worth it, not when there is so many other great TC areas going to pick from. 

I feel that by doing this I am setting the INTENTION for my day which is so important. 

If i found this site before a week ago so i was deep into the purchase process, i don't know if i would have bought it, but i can live there for free with an extra 400 coming in so it is what it is.  So

I have lived in the Raleigh area for over 11 and luckily no matter where you buy there will be appreciation because there is so much demand to move to the “Triangle”.