I'd be concerned about deferred maintenance since many mobile homes aren't maintained properly or at all.

In this case, you’re likely pooling money and forming a security.You really ought to talk to a securities attorney about the proper approach.Jeff

Depends on if the LA will explain it to the seller/AM properly.

It was really tough balancing this with my school work, but I picked up many great skills that will prove to be useful in rehabing properties, as well as made me more money than what most other college students were making.

It is important to work with someone     experienced in this area since there are a lot of checks and balances with these loans.     

I would definitely recommend you get in touch with a Realtor who knows the area to get a proper rent analysis.

An estoppel letter if any part of the property is leased (like to a cafe operation in the motel) Copy of the lease.The buyer will have disclosures pertaining to compliance matters with the property and business, current insurance assignments, taxes paid and current, payment history and balance owing.

What is the proper legal paperwork required.

Its a carefully balance system that can change over time and easily corrected by a professional.

Still with everyone's help I may be able to live my dream.I own one rental property that pays 1250 in rent and has a small and ever shrinking balance of the original mortgage left.