I can prove that I worked in the industry for the past 2 yearsI make around 50k a yearMy primary residence is worth around a 225kI owe around $115 at 6% my current payment is $940My credit score is about 750 I have 20k in cash I have a $500 truck payment Outside of this I do not have any debt.

I make some points to check on.If we meet up, you owe me a Limoncello and a Pistachio Cannoli.Did Northwest Italy last time. 

Without giving a 100% refund, they still would have had to pay the lodging taxes and fees despite not staying a single night.I didn’t owe them anything, but I believe in good business and helping out where I can.

Now, if the seller wants more than what's owed on the mortgage you could still do a wrap of sorts. 

I can see why banks are not interested in lending against an 18yo manufactured home, but, don't they at least take land value into account (or, do you still owe a large percentage of what that figure is)?

So the amount is $5,000, I am using 8% as an arbitrary interest rate and 5 years as an arbitrary time period (both can be altered once you have the formula set up) and then the =pmt formula will give you the required monthly payment from the tenant, which is comprised of both principal and interest. = pmt(rate, nper, pv)rate = 8% / 12nper = 5 years * 12pv = $5,000

Heck, my daughter worked for a foundation company that the Gaines owed $40K to way back when they first started out.

At least know the turf of the principal players!

Property A No of units 4 Purchase price 28,000 Renovation costs Cost base 28,000 Downpayment (20%) 7,000 Scheduled Gross rent 13,500 Less: Vacancies-1,620 Less: Property taxes-1,158 Less: Utilities (water, sewer)-479 Less: Any other exps (gas) Less: Insurance-500 Less: Property management-1,500 Less: Repairs-1,350 Net operating income 6,893 Debt service at 7% (principal and interest)-1,802 Annual cash flow 5,091 Min mthly profit per unit ($100 p/m) 4,800 Other info GRM (cost/rent) 2.1 Cap rate (NOI/cost base)24.6% ROI (after debt servicing)18.2% Cash on cash ratio72.7%

If you wrap a deal, that part of principal that goes to the underlyine mortgage is not yours, you break that out, but any interest override is your interest income.You know what they say about "ignorance of the law", and some will be made as examples that's for sure....will it be you?