If you can stomach the negative and any repairs for the next 5 years then long term wise it'd be worth it.

I'd call insurance before having any sort of plumber to come do any repairs.

During demo, if they open up a wall and find a leak that requires a change order. the change order should be specific to that repair and have a cost associated with it. 6.

After a bit of back-and-forth on the repair costs, I negotiated it down to $69,000, convincing them the extent of repairs was higher than they initially estimated.

After a bit of back-and-forth on the repair costs, I negotiated it down to $69,000, convincing them the extent of repairs was higher than they initially estimated.

Be prepared to face fluctuations in the market, unexpected repairs, and tenant issues.

If you are going into MF make sure you have a lot of cash sitting on the sidelines for maintenance and repairs.

Quote from @Dan Grove: Some combination of cash to seller, closing costs, repairs, construction, paying off arrears, assignment fees, commissions.   

Normal repairs are absolutely NOT covered by insurance.

One of our parks is 60% POH and in my experience the only way that park pencils as well as it does is to get through all the major repairs, get the homes 'right' and then keep them 'right'.