Online websites cannot give an accurate value as they do not have the required detail and data to make the proper estimate.

But in MA, after the Ibanez ruling, no one in their right mind would foreclose on a property without a damn good attorney, because if you don't do it properly, you can be made to start all over again.

But I never did a proper introduction that posted successfully, so I figured I'd do one now.Quick facts:39MaleHappily married3 kidsFormer militaryWork in Northern Virginia/NoVARead Rich Dad, Poor Dad in college, loved it, and didn't bother pursuing any of its tenents or suggestions until a few years back :)From a real estate perspective, in January 2008 I landed my first real civilian job after spending the previous seven months homeless, unemployed, and freshly divorced (it was a culmination of bad luck/decisions/timing, and leaving the service to boot).

You are better off leaning towards a turn-key property, and with proper due diligence will carry very little risk and minimize the amount of time (and stress) involved compared to fixing a distressed property from afar.There are far too many questions left unanswered in your question above, and $7,000 leaves me very suspicious.Good luck!

In addition, as part of the deal, the listing agent will be responsible for finding a proper tenant.

Thanks for taking the time to properly introduce yourself.I'd say you definitely have good resources with the two people you know, but even better, you're now a part of the BP community :) There's tens of thousands of members that are directly involved in real estate investing everyday helping each other.I noticed you were looking into properties of 4-10 units.

Make sure the mortgage company was properly notified in the tax suit.

Replace gutters and make sure all water drains properly away from the foundation. ($400-$1200)Another set of repairs that we don't do unless they are necessary:1.

Would a bank/credit union who we might borrow from just 'put a lien' (or whatever the proper term is) on the note?

On 30 years at 4% the payment (sans land) is $429.67 meaning that the rest of monthly debt cannot exceed $1,000 per month without accounting for land.If a manufactured home goes into a community with a lot rent of $275 and sells for $35,000 the total monthly obligation will be around $555 including the land assuming $5,000 down and a 20 year amortization and an APR of 10%, That does reduce the permissible outside monthly debt to a little under $1,000 a month but it also accounts for the land.Obviously all of these figures will need adjusting for the area of the country and for the goals of the community owner but the idea is clear.Thoughts?