And I've found that when you tell people that there will be no appreciation, they think that you are wrong, too conservative, or trying to CYA.I think that the high cash flow low or no appreciation model does have some merit, but I wouldn't have that as my only investment strategy.We've talked about buying in neighborhoods with good schools and low crime and growth, but another factor is the percentage of rentals in the neighborhood. 

It's all well and fine to look at your operations as a business, especially if that's all you do, then you're an operator/investor, the guy at the factory who buys homes to rent on the side is just an investor, IMO

See manufacturer’s specifications.)7.Location of Fasteners: Corrosion resistant fasteners shall be located per manufacturer’s instructions and not placed in factory applied adhesive.

The fact that someone has a business in the home is not a factor. I

We also are looking at a 1031 exchange for one owner to help lower capital gains.The other factor I pointed out to them, and this may be your owner's situation as well, is that neither of these owners had great accounting records b/c much of the rent was collected in cash.

I could be 15% and heading down and be a smart play, or it could be 5%, but three factories are about to close and you'll get killed when everybody leaves.Jobs definitely drive prices, but if 13% is normal and housing is stabilized, you can be fine investing there.

Title and legal fees fluctuate based on each deal, I think the important factor is to get services from the title company with your relationship.

The risk is running out of $ before its done.You might consider having the homes built in the factory and delivered.

The hassle factor is a little higher, its not as easy to sell these properties to an owner-buyer on exit, but the cash flow as a function of purchase price is much greater.

It all looks good to me, did you count for the vacancy factor I typically use 10% from rent received.