.: Does anyone have personal experience turning your property into a rent by the room with pad split?

I’ve never opened a mail drop store, so I can’t speak to that, but I’ve noticed that a lot of investors are turning to pad splits as an alternative strategy.

I expect renovations to cost $60-70k (I’m padding in extra for worst-case scenarios, I’m conservative like that). 

thats a monster pad. lol, it's a bit more to clean than the 988 sq ft house we were living in when we bought our 1st duplex. my 3rd house in Palo Alto CA was 900 sq ft 3 and 1  this is were location location determines value I paid 185k for it in 1985.. and sold it in 92 for 500k  doing nothing to it..

You need to pad both time and cost contingencies.

I have some concrete pads in the back of some of my homes, and I have added Costco type storage units to rent it out.

They also like to acquire MHP with higher vacancy/ vacant pads (not sure what the industry standard is).

Budget overruns and unexpected delays seem to be a common theme in flips, so padding the budget by 20% makes a lot of sense.

U know the Pad split craze although I suspect neighbors would not like it.. but with the parking etc.. might get premium per room rents ??? 

The appraisal came in at 715k. 38 pads, 23 trailers, 100% tenant owned.