If I couldn't get the permits because I'd lose the grandfather status once I did, I wouldn't do the rehab.Not sure how attached you are to the land, but would it be worth taking the bad mobile out and selling the good mobile on a 2 acre lot (could use the strategy Joel Owens highlighted)?

I'll give a full recap once the project is finished, but here is a quick status update.I did end up purchasing it.

Having me partner with a local builder with an A+ track record for transparency/integrity/investment acumen (hundreds of deals)They'd like me to exercise the investment decisions and just give them periodic status updates and not have to double signature anything.

I am 22 years old and currently have a Bi weekly salary of $1200 once taxes, 401k, health insurance, and all of those good things are taken out of my check.

I'd look at places at say 75,000 population + but not innercity over 200,000, personal thing, I hate traffic for one thing, but you also get more competition, lose that small bank relationships, generally have more metro regulations, health and building code issues and it's much harder to get into an influencial positions in the community, you may only get to be a small fish in a big pond.

Or do you feel the REO status keeps many serious buyers away.

Taking your current $50K a year example, when you add things like health insurance, retirement plan and employer paid taxes, you are closer to a $75K number than the $50K number.

As of now, I have no experience in REI but believe it offers a great opportunity to improve my financial health.

Always have them send you a SIGNED W9 form where their taxation status will be shown.

I'd want to fully understand the condo regime, the health and governance of the association, my risk and responsibilities.