You live in one room, you rent the other 3-4br separately to individuals.

And if so, what is the cost and prospect for collecting something, certainly not all, but something.My thinking is that if it shows up on their credit, it may hamper employment, car purchases, rental applications, education funding, etc and at some point they would need to pay me to go forward with some major life steps over the next 10 years.Your time and money would be better spent updating your rent requirements to get better tenants, increasing deposits if allowed and proactively evicting tenants who are behind so you don't get back in a position where someone owes you a substantial amount of back rent. 

Refinancing can allow you to pull out equity, providing you with additional funds to use for the down payment on a new property.Look into financing options for purchasing a duplex.

This is a business-purpose-only loan for real estate investors that allows you to use the projected rental income to qualify.

I believe that the current 2023 standard city of chicago lease from CAR allows the tenants to smoke inside the unit.

@Noa Zell, here's the actual language defining MR1 zoning:https://codelibrary.amlegal.com/codes/los_angeles/latest/lap...I'd study this and see if any allowable use would generate more rental income than auto repair shops.

The following looks at hypothetical purchases, anecdotally and in relative isolation, meaning there may be a reason (for instance to generate large tax losses for "active participation" investors to offset other income) for some individuals to undertake a particular kind of purchase.

@Carl Carter in Michigan, real estate brokers are allowed to service up to 75 land contracts.So, you can also look for a property management company to do this:)

I would like to have a good idea of the value of the mobile homes should I desire at some point to sell them off individually and then sell the land. 

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