Comps in mint condition are about $265K.After estimated expenses, insurance, and taxes, cash flow would be ~$25 a month for the first year.

Or the lender sold off the credit risk and a condition of the credit swap restricts what can done when it comes to loan term modifications.The Sec of the Treasury was highlighting this on CNBC a few weeks back.That said some lenders do control their loans so they will strike a bargain.

I would like to refi the current home to 1) cash out some equity towards the new home 2) Bring down the monthly to minimize neg cash flow 3) Keep my new mortgage under the tentatively proposed 630k conforming limit.Under the current market conditions...would it be advisable to change me current 30yr fixed to an ARM to help in bring down the payments?

I happen to be talking to an accountant today and he said (I know he's not a lawyer) that for me to do any such transaction, and FSBO also fall in this boat, you are opening yourself to suit if the buyer claims what they've been sold is not per the original agreement, or something similar.

I'm not a lawyer, and you may want a lawyer to get good contracts.Write your lease purely as a lease.

If so, should that person be a R.E. agent, a R.E. lawyer, a CPA?

As I plan to move into land/home packages and SFR this becomes more important.I would like this thread to detail how someone might go from where I am to offering financing like any other established financing company.The only rule as we create this list is the reply to get a lawyer doesn't cut it.

Michael,Thanks for the advice, I agree most is junk…I pretty much wrote off most of the areas bc I could assume what the property conditions would be like.

You would have to get this deal at a significant discount because depending on the market conditions you could be faced with a very long holding period without cashflow.Let me know if this is helpful?

We are working on a Mobile Home Park in Georgia and would like a referals to a good commercial RE lawyer that can review contracts and help setup an LLC for the property.