It's a 5th wheel located at a campground.

Hey Tim, Under IRS Publication 523, as a military member on qualified extended duty, you benefit from an extension of the “2 out of 5 years” rule to “2 out of the last 10 years” for excluding capital gains on the sale of a primary residence.

I’m currently targeting properties in the $200K–$500K range, depending on the location and potential cash flow.

Location, location, location. 

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

Can you give me a little more information about where the property is located? 

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

The major pieces of information you are missing include NOI which includes deducting all of your operating expenses from your gross rents sans debt service, market dynamics (what are vacancy rates and asking rents like in the market the building is located in?)

When the rent rates stabilize, I suspect they'll bring it back.I wouldn't try it in a location like Portland, but 99% of the country would be fine with a policy like this as long as it is disclosed and applied equally.

@Jerry Shen I apologize if this is a repeat of info or if it constitutes an "application" that you don't trust, but your thread prompted me to locate Propy.com, whose website says "Propy allows buyers, sellers, brokers, and escrow/title agents/notaries to come together through the utilization of a suite of smart contracts on blockchain to facilitate transactions."