My mom can be pretty lenient at times depending on the resident's financial circumstance at that time, but she always makes sure that she is firm in the need for the resident to have the rent money ready as close to the due date as possible.

Was hoping to pick up a foreclosed property that could use a little work and hopefully save some $ (I am a bit of a handyman) as a primary residence and then hopefully look at another property a little while later (6-12 months) as an investment or turn the initial purchase into a rental at that same time frame.I called the REO/foreclosure departments of a couple different major banks and they said that ALL of these types of properties can only be purchased from the realtors.Is this true?

There was also some talk of taking out a HELOC (Home Equity Line of Credit) against my primary residence and having that cash.

The cash flow from a new property can also be used to finance or even secure a small personal loan to fix up your current Residence and then you could turn around and sell it and work from there.

@Thomas Manuel , I'm not a note investor, but I've seen many foreclosures in SF and the Bay Area, and they can take more than a year on primary residences, depending on circumstances.

I was motivated to buy it though as it is the house next to my residence and I wanted to choose my neighbors.

@Mark Ferguson is a resident expert on HUD homes.

I presume they wouldnt In the beginning phase of development because they are so few residents to even make an HOA let alone pay for the center.

Rents will be proportional to that OR proportional to the hourly wage earners that work and reside there.

In my market, MOST purchasers of manufactured homes are investors; a primary resident purchaser with $30K or more in their pocket will usually apply that as a down payment for something a little more expensive.