Did you work out the numbers on a typical cost of a build in your area? 

.😁 I typically buy close to where I am and work with sellers directly, but I have had a handful of times where Realtors brought me create finance properties, where the Seller was not having success selling at the traditional way. 

How do you typically underwrite risk when evaluating seasoned notes?

They sign up for a guru, co-sponsor a couple deals (typically for someone else that has no real experience) and then start sourcing deals themselves. 

Best tenants, less wear and tear on your property and typically 1.5-2x the rental rate compared to long term rentals.

Turning raw land and a mobile home into a quick profit with your own cash is a serious play – most people only dream of that kind of hustle.You're smart to want to keep the debt light and avoid typical fix-and-flip loans for these unique deals.

It can typically be underwritten like any other rental property, just with the expectation there are going to be extra costs involved to split the lot, but that's where you are creating value.  

I typically have a set or two of grandparents, parents and kids.  

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.