Problem is that the appraisal came in way less than offer and seller will only budge to about 40k above appraisal.

I don’t need to ask seller any of that I do my own inspections and figure what rent should beI am looking long term so the current rent payment means little to meI would never take what a seller said as being true as far as maintenance, late pay etcI look at it as buyer be ware. 

If it’s off market they’d need to be very motivated or it’s very distressed for them to sell at 49k

This comes about to $4k which is significantly greater than my expected mortgage payment.The seller's asking price was about $475,000.Based on the seller's asking price and 475k/1230.

Once the property is owned by the bank though, the amount owed on the note is not the primary motivator for selling the property.

I am investing in mobile homes and I want to use the exit strategy and offer seller financing, but as we know the Dodd Frank law makes that difficult,I want to find a mortgage loan originator to work with.has anyone tried to find one and if so what's your suggestions.

However we are the number 1 seller in the greater Cleveland area so it has proven to be the most effective method on the planet to moving investment property in the Cleveland area.

The seller could be saying 'it's livable' but the 'fully redone' might just be cosmetic touches, new paint, new fixtures, etc.

Does the LOI act as the offer or is that just the general intent letter with offer price and terms and then the sellers realtor will provide the contract?

Cardon podcast, but he had a story about a competitive offer.In his case he did a video of himself explaining who he is and why he wants to buy the property and what he plans to do for it.He also added that he was going to catch a red-eye coast to coast flight to mee with the seller the next day.This was a big property, so I wouldn't add the red-eye part ;>))Cheers,Buddy