I used to digitize it and throw away the paperwork, but have started storing the actual papers.

In the paperwork process now.

Essentially, if you finance 3 or fewer properties in a 12-month period you will be exempt from these rules WITH THE EXCEPTION OF...balloon payments.

My process:Credit check, criminal check, social security verification, former Landlord verification, employment verification, look in prospect’s car, I make the calls and fax the necessary verification paperwork, spend lots of time talking to the new prospect.

Taxes should be current on it as well ( verify) One thing you can do is talk to a reputable mobile home dealer and see if they can quarterback you the paperwork to verify you are doing everything correct.  

I try to tell him everything that's essential and he was very involved in choosing the house; even spent his weekends while I was working pouring over the listings the realtor sent us.

They calculated a loan amount and an interest rate, and generated a monthly payment, but the notarized paperwork they signed only had that monthly payment.

Show them all our paperwork to prove we bought it.

I'd like to avoid that kind of outcome this time.I'm interested to learn about the process and paperwork--in California.

I would like to live in my multi-unit building while allowing my tenants to essentially pay my mortgage or loan.