No flipping issues to contend with, and no need to change anything with your entity structure, and no income tax impact either if you are able to do a fully tax deferred exchange.Consult a qualified intermediary for more specific guidance with regard to your unique circumstances.

Those old homes probably need $5,000 each of work to sell them, so that erases any possible gain from sale, so that number is not $80,000 but actually $0.So the profitability of this deal will be contingent on you filling up the other 4 lots and raising the lot rents farther over time.Going to the end of the movie and working backwards, this park at 100% occupancy and rents of $295 five years from now would be worth maybe $450,000 (that's assuming an expense ratio of 40% and an exit cap rate of about 9.5%).So is it worth all the effort to rehab and sell off 17 homes and contend with all the deferred maintenance and private sewer?

Regarding "... but investors are still doing deals" I would contend the smarter money is not acquiring.

Their down towns are directly adjacent to the worst areas of the cities, the "French town" of Rochester next to downtown is a C- neighborhood, at best, and is a contender for worst neighborhood in the state (though the tree streets of Manchester probably win that title).

The more you learn the better before you talk with the final contenders for your service. 

I have contended that comparing large apartment complexe's OE and NOI to SFR's is an inaccurate comparison.

One of the places I have always liked is Colorado, and Colorado Springs is one of the top contenders in my list (perhaps Fort Collins too, but prices are already very high in FC and it's relatively smaller, so CS probably wins over FC). 

If we must assume an owner was an idiot, not of sound mind, not prudent, then we have other issues to contend with. 

Since I began investing in Detroit a few years ago I cannot get my head around so many things regarding the way things are done over there - but this one definitely is a contender for taking the cake. 

The timing of your rental is creating the interest in the property.Colleges are graduating soon and tons of students will need new apartments for their first job.I also suspect you priced it too low and need to hike it another 100 bucks or more a month to weed out the losers and narrow down the contenders.