I understand that the more we clarify the mechanics in the beginning the less gray area we will face in the future.  

They use reasonable life expectancy to decide whether to replace mechanicals and bring all up to code.

Ie when it comes to women taken their cars to mechanics they think they can overcharge and do a half a**ed job and we what know about it! 

Surprisingly when the house was (re)wired in the 1950s, fuse panels were put into each quadrant of each floor of the main house (essentially each room) and the rooms were wired to the local panel rather than trying to pull wiring back to the mechanical room in the basement.The last remaining descendants, who themselves are getting on - live quite some distance away, and have been maintaining the house since their parents have passed away {I'm told the property has/had its own trust fund}, but now want to be rid of the burden.I could turn it into six nice apartments - but unless I destroyed the character of the building in the process, the current operating costs {10K/year to heat) would make it un-viable.

Does highlighting and the @ symbol not work for mobile posts?!

Upwardly mobile... college kids, beaches, young professionals, there's some industry there as well. 

The two items are really two separate deals, not unlike you bartering with your tenant for car mechanic services or a bushel of corn and a couple of chickens :)

Here are the details. 12 Unit mobile home park in Northern Georgia.

Investing in mobile homes what do you think ?

. ---- easy docs income (non-prime rates, with bank statements for proof of income) for the true money making borrowers that cannot provide tax returns, (minimum FICO 620, minimum down 20%) ---- stated income / hard money, (no minimum FICO, minimum 25% down) ---- 97% LTV conventional loan ---- 95% LTV conventional loan with no MI monthly payments ---- 1/2%(half percent) down, minimum FICO 580 and above ---- 579 FICO and below, minimum 10% down ---- regular 3.5% down FHA, minimum 580 FICO and above ---- “A” paper Conventional, FHA, VA and No FICO ---- condo with insufficient reserve (no HOA cert required) ---- non-warrantable condo ---- non-owner occupied purchase with 15% down ---- reverse mortgage (no FICO and monthly payments) ---- stand-alone 2nd TD ---- Commercial: apartments (5 or more units), mobile home parks, self-storage, office building, mixed use, gas stations, church, land & constructions loans, etc… I welcome any scenarios you may have.