You may also mention if you plan to flip it you are open to using them to list it if you are, but I wouldn't promise anything for certain.

If you are on a tight budget, door knocking and/or driving for dollars may be a more effective means ... you're looking for beat up properties with equity and can use detective work on the ground to gather further info on the situation ... if you can't set an appointment directly with the owners in person, you can follow up on promising leads from that via mailers, and that would likely be a much smaller (less expensive, but higher quality) list.

I have heard of people getting cheated by fake private lenders who just take their deposit money.

@Joseph Tarallo I think it's great news that they promise to make a partial payment.

If you declare that it'll be a primary residence: you have to move in within 2 months, and live there for a year.If you declare that it'll  be an investment property: you cannot move in within one year.After a year of living there or not living there for a year, depending on what you  promised at the closing table, you can do what you wish with it.

Your learning time will be cut greatly I promise you.

It also varies on a new project with what you have to promise to local authorities to get the zoning you need.I pretty much agree that most people should not consider new development but rather buying existing communities, but pricing on parks is changing and it might not be very long before some experienced and savvy developers will start new developments at a faster pace than the industry is currently seeing.Development is hard work and not for the faint of heart or inexperienced.

I mainly ask because at least in my area it looks promising since the rent from the commercial place alone can pay the mortgage.

Get with your attorney right away to find out what you need to do legally to protect that property and make sure you are protected from a lawsuit.If Aunt Sally comes over for that irreplaceable broach, and the deceased had promised it (or even willed it) to someone else, you could be held responsible.

I recently found a fourplex that looks promising.