The bank quoted me a total package 10k. 

(Before the auction)Location: Bayou City Event Center 9401 Knight Road, Houston, TX 77045The Harris County Engineering Department and City of Houston Floodplain Management Office will be offering a short presentation to assist bidders in understanding potential issues with sites located within the floodplain.If you are unsure of the potential challenges that go along with purchasing property in the floodplain, come to this informative session to get answers.The presentation will be followed by a Question and Answer period.Topics include: How to Determine the Floodplain Status of a PropertyWhat Jurisdiction the Property Lies WithinFloodplain Management Rules for Unincorporated Harris County

what I find very unique right now Ned is the amount of HML or private money companies led by large hedgefunds investing in these HML companies have driven these private rates down to 10% apr or less.. so to only have about a 4% spread between bank money and HML is quite unique in my experience over the decades.. other than the high interest mid 80s anomaly.. 

My bank assures me their CD rates are really competitive right now...

Typically, banks offer a higher interest rate to LLC than Individuals so you can see why this might cause a problem.If you move forward, then you would just update create an entry to put the value of building/land in asset and note payable in liability.

My property was 38K so the bank loaned me 30 on a 3 year ARM with a 10 year amortization.

Again, that's the general going rate and terms but each bank could be different. 

banks wont give you any value for the homes and do not like park owned homes.. they like to loan on space rent.this will be difficult to finance.. and most of these have to be owner financed.I have owned 4 parks and the first thing I did was either give the units to the tenants or sell them very cheap and convert everything to space rent.. thereby removing the maintenance part of this.. 

Find a commercial mortgage broker in your city, they represent multiple banks and can find the best fit for your deal.

We're to the point of exercising the option now, but the title company wants a letter from my bank (I still have a mortgage), stating that they're ok with this wrap.