It is extremely difficult to collect from private individuals, moreso when they have time to hide assets, so she needs to move quickly before he dissipates everything.

We went to the extremes and threw out the mattress and box spring..we washed everything in the room and took down the pictures and saw they were behind the pics as well.

If you're going the route of conventional financing (30 year fixed rate loan) then it will be extremely difficult to make the purchase with an LLC instead of in your personal name.If you're using a commercial loan (unlikely for your first investment property) then they will usually require you to have an entity set up and personally guarantee the loan.

Also, $400k is pretty steep for a dozen units, unless you have extremely high lot rents.Mobile home parks are the one real estate asset class that seems to readily have sellers willing to finance the deal.

@ jerry thanks again this has been extremely helpful im going to refer to tour blog to get some further insight into online tax lien auctions

@Bryan H.We've had some success buying property at the other extreme from Loopnet.

Thanks again for the tips, you've been extremely helpful!

I'm also going to be taxed as an S-corp not sole proprietor if that makes any differenceAny help would be extremely appreciated!!!!

As @Pam R. mentioned, it will be extremely important to decide your criteria in advance in the event you receive multiple applications.

Tenants to pay all utilities.Estimated Taxes: $1,850/yr (on high end; could be closer to $1,400 on low end)Estimated Insurance: $700/yr Taxes + Insurance = $212.50/moOther ExpensesProperty Management (@10% only when rented): $130/mo-vacancy = $112/moVacancy Loss (@ 13.90%): $2,168/yr = $181/moThis is extremely high and could be unlikely, but according to a website I use for information on the area, it says this is the average for this area because of seasonality.