Thanks for addressing the depreciation techniques with MHP's, Brad.

The owner is 22 years behind on taxes and owes $43,000~ in taxes...The owner is listed at the same address...

finally if credit is lousy but they did not lie about their name and address than I would ask for: first month rent deposit (same amount as rent) and last month rent on 12 months lease!

The option agreement then becomes the sale agreement at the time of notice.Probably too hard for the gurus to teach.Otherwise, you need a purchase agreement and as you say, if things are not addressed in advanced or a sale contract to be used is not agreed to in advance, you can have issues. :)

If the intent is to build a reserve fund for maintenance/capex items, then another method of addressing this that a local investor shared with me recently is to set that money aside up front, and consider it part of your acquisition costs.

If you want to send me the address I can look and see what the status of the foreclosure is.

Most of the skip tracing sites will require you to have a business, business address, business phone number, business license.

Transunion - www.creditkarma.comEquifax - www.quizzle.comExperian - www.credit.com OR www.creditsesame.comMy fico site you will have to pay for scores but it gives you a simulated fico score that is close within 50 points of real fico Also get the addresses of the big 3 once you've gotten info on how to fix things and do it yourself.

You should see an attorney to put this together who can address exemptions, usury and closely held interests or arm's length transactions, inheritance and divorce or family matters that can cause blow ups. .

My tenants enjoy the place but anything broke, rotted, patched together or presenting a danger is addressed immediately.