(slight exaggeration there because typically bad sellers will have bad products and good sellers will have good products, but it's not always that cut and dry and if it's not, buy based on the property, not based on what a seller tells you)

The bank winterized the place and it seems like a dried up cesspool.

The supply of decent used MH is drying up.

I suspect it is pretty cut and dry but before I open the Atlantic gates on lending I want to make sure.  

I am from Amarillo, TX originally, so being up here in such a dry (environmentally and economically speaking:) definitely makes creative thinking when it comes to investing a necessity.

Question; do you have your attorney go through them all, or are they all pretty much cut and dry?

It is not totally without risk as a good rental are can dry up leaving you with excessive vacancies but overall the strategy is fairly conservative.Sean takes a more aggressive approach.

In the event that the rental market dries up, you can drop your rent a little and have 0CF, but you keep your property occupied (hopefully) rather than having months of vacancies trying to get a renter in. 

They will cut you loose and hang you out to dry if it saves them money and they can show something in your actions excluded the coverage.Knowingly and willingly.

Then, when the market turns, I have some "dry powder" to invest, lever up, and spend like there's no tomorrow trying to buy every good deal I can get my hands on ... emotionally this is easier said than done, but this strategy has served me well over the years.