Once you've arrived at a price you can then right the contract with a proper inspection clause in it.Geoff

For basement units, also watch for proper egress.

If you have a complex scheme for holding your properties and you die, your family may not get your properties if your will is not structured properly or God forbid you have no will.Besides, if you run a stand up business and don't screw your tenants and you pick tenants well, you may have no reason to be sued...I have never been sued yet in 8 yrs.

The whole problem I have with this "rule" is that people use it to underwrite transactions blindly without doing the proper due diligence.

All parties to the sale, Steve Seller, Joe Investor, and Big Bank, will need to execute the proper paperwork and disclosures, depending on local and state law.Hope this helps Gerald - all the best!

I haven't found one that will cash flow properly and therefore haven't bought one.

I have around 10-15k to work with and I think I am going to pair up with a friend of mine.

It was OBVIOUSLY not done properly and looked abandoned.

The number two reason is that they don't know how to properly deal with tenants.

In fact, I have been looking for a mobile home park for over a year and haven't found one that will cash flow properly yet.