I have contemplated doing a conversion like that with existing warehouse or office space but I am extremely new to commercial real estate investing and I think that is beyond what I'd like to tackle in the beginning.

The site asked for a physical address to do business within Michigan.

I would think they are responsible for finding the deed restriction against mobile homes on a lot while doing title work for a sale of a lot with a new mobile home. 

Initially, I was thinking I could rent this out to a person/couple or to two friends who might want to be roommates.

ITs certainly in the ballpark but I think you can do better most likely - especially with your experience of owning five rentals - certainly some options here on BP to shop around - but the rates and points seem a tad high - you could probably secure something with both a lower rate and origination (and potentially no appraisal cost as some Hard Money Lenders don't require them)

., we have had a broken window (the locking mechanism), someone busted up the queen futon frame, someone took the waffle maker, beach towels go missing all the time, TV remotes gone, etc.People like to put stuff in places they think they should be.

Good Afternoon BP's,I'm about to throw a hypothetical scenario at you guys, and please let me know what you think. 

Do you think it will make you rich?

This doesn’t make me think positive about Norada.

@Saurabh Kukreja What makes you think rates will go down ?