They don't scatter around **** and hope to find gold, they find a trend and then pounce it.

Now , you either rent it out or continue carrying the home while you try to find a buyer.

You will need to find a home, buy it, move it, set it up, market it for sale, sell it, and maybe carry paper, before you can start collecting lot rent. 

Thanks Carrie! 

I definitely am taking gold nuggets of your story as a learning.

I was able to negotiate a 7% down payment with the seller carrying the note.

@Barry Ruby, you are exactly right that only FEMA isn't keeping there "flood risk" current (likely more people and properties are exposed to risk, however only the smart carry flood insurance. 90 percent of those flooded in both Harvey and Florance didn't have flood coverage because they thought they were safe since they were not required to carry flood insurance by their lender Cost of flood insurance for areas that are not required can be as low as $62.50 a month maybe even lower.

In addition article 250, which is the most painful read ever, requires that all electrical equipment or non-current carrying equipment that contains energized conductors to be connected to ground. 

What about the difference between loan balance and purchase price ($35,000)...is it possible to have the seller carry this as a 2nd lien?

A HELOC in most cases carries a adjustable rate compared to 30 year rates are lower now especially after FHFA lowered it's .50bps hit.