Some owners want a higher interest rate than the banks will charge, some match the banks, and others will take a low interest rate.How long will you amortize the loan?

I have looked into lot links as well as the Montgomery county land bank foreclosure acquisition program.

Absolutely, but few banks will loan on a park with no infill plan so that moves your capital from the development side to the MH acquisitions side. 

I made an offer on a house and because I am doing 50% financing, the owner offered to lend the other half himself and be paid over the next 30 years, at an interest rate lower than what the bank is offering (albeit, not much lower).

However, I'm currently in a back-and-forth escalating disagreement with my bank that claims I need to reach an LTV of 65% to remove MI versus what I believe the home possible guidelines show on their website, which is 80% for 1-4 unit properties.As you further dive into this process please make sure to have your bank document the conditions for cancelling MI.

I have be pre approved with a bank at 25% down.

We spent almost all of our free cash on the down payment, we went with a conventional loan putting 20% down with a community bank in the area (which also happens to be my employer). 

I have spoken to several banks in the local Chicago area about loans for LLCs. 

I personaly do not subscribe to putting unqualified tenants into a home taking their option fee fully expecting them to fail and never buy!!   

I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?