I've seen a few mobile homes where the seller is asking 4k or less and I still have to say no because there is so much in repairs.A good basic contingency clause is to include the "contract is subject to buyers and partner's written approval and inspection within 14 business days."

The property that was the subject of this thread was the one I purchased.

HMLs are collateral lenders, some don't care what your credit or net worth might be.As to pre-approval, sure, no problem, you're pre-approved subject to acceptable collateral being assigned.....wink and a nod ;)

@Scott VandenBerg , I'm not very well versed in this subject but I do know two people who do this every week.One thing you need to be careful about is that the bank can still legally come after the new owner for the balance of the loan after the sheriff's sale.

I have read around 25 books on the subject as well as personal finance and am looking forward to starting in a few years.

@Randy Gross Are you saying the seller did a BK (would be chapter 13) and did NOt include the subject property in the BK?

when buying real estate with subject to / wrap around mortgages how is the investor or home owner protected from each other after the deed is transfered.

Not really, the taking of a security interest includes deferring the transfer of title subject to completing the terms of any financing agreement.

@ChrisLogan Can you explain how a "subject to" works.

,There is not tax benefit; however, there is if you want to pay yourself wages and contribute to a solo 401k, offer health benefits, HSA, etc.Rental income by itself is not subject to SE Tax.