The house is a single-wide mobile home 2. it is a mix of residential and commercial property For a single wide home a Chattel home would be normal but the interest rate on those is so high. 

@Shivam PatelIf you have an FHA in property you want to rent out all of the units you need to refinance that to an investment loan with 75%LTV ratio.You can't, as far as I've experienced, change the FHA to a conventional then move out since conventional are also for primary residence.25% LTV is high and in my plan I hope be able to re-use FHA through refinancing every 2-4 years.Gone are the days of 125% LTV and 80-10-10 loans.

But that's about as far as I've gotten so far. 

I totally agree with "testing the waters" in a familiar area as far as self-managing, renovation oversight, etc. 

@Anthony Caiafa, two separate issues here, one is why the house is not selling and the other is what you have the right to do according to your listing agreement.As far as the second issue, your listing agreement should specify exactly what happens if you terminate the listing.

Every since the last depression, mortgage lenders have taken over and the deposit banks are only originating something like a third of what they used I believe is the statistic.As far as loan products, yes your "average" lender may not do well for you if you want a new construction loan... 

As far as other expenses, it will depend on where you buy.

@Ron Singh  Yes, you can allow lease break and you can sell with the tenant in place just disclose in listing and provide lease, since it is so long a lease might not be a selling point. 

@Matthew Wilson A BK has no real effect on the lender....as far as foreclosing or doing a short sale...the bank still has the mtg and can foreclose at any time, unless it was a chapter 13 with an approved plan. 

Purchasing real estate while having a nothing more than a leasehold interest in the land put any loan made into a “no man’s” land as far as compliance is concerned.