Based just on your DSCR calculations, it appears this property is significantly under-performing, or if it is operating well, then it is significantly over-priced.If your plan is to reposition the property, then you need a bridge loan or private loan to acquire and manage the property. 

I thought in order to refi on an FHA to a traditional mortgage you need to have 20% in equity after refi but it appears once you hit 20% you can refi and pull all your equity out!

It appears that the increased CapEx is offset by the much higher revenues and property appreciation potential ?

It appears as though they'll leave about $150k "in the deal" as equity after the refinance. - The interest rate on the hard money (14%) seems about right.

Based on what you've written it appears you not going to get the mobile home voluntarily removed so you'll probably have to pay an attorney to look into it and give you options.

I also see that if I were to invest in Park County, the best zip codes appear to be Wapiti followed by Ralston, however it appears few people live there, making supply scarce.

TimelineThe projects appeared to be progressing well throughout 2018.

Here's a useful article about most of the changes.https://www.chicagocityscape.com/blog/chicago-appears-to-be-in-the-home-stretch-for-citywide-adu-expansion-8bfd8b2bc8

@Saeed Jassani appears you are not only comparing two different markets, but probably also two different asset classes.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Based on your message it appears this is very stressful and something you are not experienced in.