This is a common issue that college student housing faces.  

That extra 1.5k a month could really vanish extremely quickly if you have an issue with a rental property or a tenant.

your saying the property is worth substantially more than that so it should not have an issue appraising for your FHA 203k  correct.so simply write a contract for 391k with seller paying the lien out of their proceeds you get a loan for 391k plus 50k or 441k  and off you go.. every one gets what they have negotiated for.I don't see this as any more complicated than that.. other than your making it seem complicated liens are paid off from sellers proceeds all the time..

Flooring and plumbing issues tend to be the major ones when it comes to mobile homes.

That has both pro & con issues associated with it, including over regulation and high taxes (for everything).

These lists, if you're interested in trying them, are:- 75-100% equity with owners over 50 years old- tax delinquent- code violation...particularly overgrown or junky, multiple/long standing issues (this is a time/energy intensive list for me, hopefully your city's site is more user friendly)- recent arrests (sent out Wednesday, believe it or not I've already gotten a call back)Good luck!

If the notices are not properly issued you can not proceed with a eviction.

If you have pressing issues in your property you might want to start with the Managing book, but both should be helpful to you. 

I know the Kansas City market well and can tell you that these $45K properties are going to be in very rough neighborhoods with a lot of tenant issues.

The 1099 generated for the forgiven debt can be a non issue...if it is owner occupied, and done this year, the taxes are waived.