If the HOA paperwork is not to your satisfaction, you can invoke it and back out.You are, perhaps, getting a mortgage.

I just closed on a mobile home park and have some questions about administration.What paperwork do you generally make your lot renters sign?

@Andrew JohnsonI agree - I am a big fan of tax diversity as part of retirement planning.My question, though, is essentially this:Say I have a client that has $300,000 that is 100% invested in securities (no real estate) and I have determined the best asset allocation for the client is 60% stocks, 40% bonds.Then s/he inherits a $200,000 residential property and decides to keep it as a rental unit.

I am willing to work whether paper work or hard labor.  

Lending using a "contract," whatever that is, is unsecured and essentially a handshake deal.

Here are the rough steps at least in my part of NY1) Agree on contract price get all paperwork together2) Attorney approvals3) Buyer applies for loan4) Inspections/repairs 5) Loan officer sends out appraiser6) Commitment7) Title work8) Lender issues clear to close9) CloseAny of those could be 10 seconds or 80 pages of paperwork depending on the specific deal going on (loan type, amount of inspectors they want etc).But if it does not appraise odds are you are losing your inspection fee at a least, but it is better than grossly overpaying for a property. 

Would you say that essentially means tax sale properties are not an option for an investor who would intend to flip the house?

RM's are for people with insufficient incomes to meet their needs, and the house essentially will never have much equity.

I'm new at BP and am wondering, what paperwork I need, and where I can go to, find all the forms needed for completing a real estate transaction?  

I looked through some paper work and saw that the first real estate loan they received was for about 105k.