I hesitate to mention how loans can be designed sometimes as I know we have a bunch of "thinkers" here that may jump on something thinking they will know how to DIY something, so I really suggest the use of a mortgage originator to ensure affordability and an attorney as to compliance!

My credit is in the bottom fair range (damn college) with hers in the upper fair range.

The rules regarding non-relatives living at the house can be fairly strict, essentially they need to be approved by the park, background check and all or they are considered to be trespassing and you are in breach of your ground lease and subject to eviction.

So if you have access to a good amount of capital and search your markets and if you can leverage.. you can achieve 35% cash on cash fairly easily and actually do much better.

I checked with the recorders office and they don't have records on-line.I did got into the recorders office and they do have a good electronic system in place which makes searching fairly easy.I did a practice run and found a lot of documents.

Some states have fairly onerous laws around what you can and can't do with such sellers, and specific forms and disclosures.To get the phone to ring, you need to some type of marketing.You also need to start building that buyers list early.There are a number of posts here on specific aspects of this business.

Putting a bunch of Ikea stuff into a 3 BR traditional house probably isn't going to be a plus.Jon

Does that sound pretty fair?

I'm fairly new to investing, and I want to hit it pretty hard from now on.

Its not necessary for them to have any lien (mortgage or deed of trust) against the property.However, you may find lenders have fairly low LTVs for cash out refis.