The first was that if the mobile home is in an actual mobile home park, even if you own the home you don't own the land and owe monthly fees. around my area they were usually around $200-300/mo.

You're in probate-land.

Yes, as per the above.Also, if your going to SPEND money on homes, I can hook you up with a title rep at Land America that will help you, but it's a two way street.

The banker ran our credit, looked over our personal financials and said as soon as we had a PA he would get the ball rolling for a quick approval. 90% LTC, 80%LTV at about 7%.So we wrote an offer for $280, which was countered at $295, which we accepted with a 60 day inspection period and sole right to terminate.

I kinda got "thrown" right into the deep end.I launched a career in real estate recently and I landed a client who is selling a commercial unit, so I have to swim or sink.

Nothing against the Original Poster here, but to many people feel the deals will come online or land in their lap.

I've looked at more than one REO recently that was honestly worth less than the value of the land.

Your best chance for flipping in Indiana is flipping rental property which you must manage to show them as a performing asset or flipping through lease option (land contracts here) which you must manage until you get a tenant who qualifies for financing.

Certainly, a property can be put into a land trust, but I'm not sure how that give the investor ownership of the property and protects the lender.

Therefore, if you subtract the mortgage payment (P & I) from 1/2 of the gross rents, that will give you a more accurate cash flow than you'll get from any "tool", crystal ball, or Ouija Board.