Great reward, but more risk.

However, if the occupant is a tenant on an existing lease, you'll need to wait until the existing lease expires before you can move them out.  

That one that gets $695 you may get $550-600...Given some of the numbers you provided, you are looking at NOI of around $705 p/month before debt service...See if you can take the loan over subject-to existing financing..

., is your question really, should I leave the existing financing and take another loan once I've added value or should I retire the original financing when I take out I new loan?

Very rarely does it make more sense to bring in a mobile home instead of fix up the existing one.  

@@Abad MarroquinPre-foreclosures or "before the notice of sale deals" have to have equityI want to three months behind on payments, no moreAfter I pay back payments and fees I want at least 20% equity to take over the payments subject to (subject to existing financing)The ideal "subject to seller" is someone wants to protect their credit ratingThe Piti payments compared to market rent I want cash flow of at least a few hundred dollars a monthSo the deal discussed  I would not even consider

I expect it to take a little bit to get rolling but I am in this for the long haul and look forward to the challenges and rewards that are in store for me.

Use the loan that I just used to buy my first duplex in MN: Portfolio Conventional Loan, 3% Down Payment, No Mortgage Insurance (yes this loan really exists).

Or  can you do a subject to existing financing with 10% down of his equity position and have them hold a second for the balance.

We made the mistake of ripping every bit of the existing landscaping.