Sandra For transparency purposes, I believe you meant to say that you purchased a turnkey property from Memphis Investment Properties, not Memphis Invest. 

Quote from @LaShon Evans: Looking to get started this spring with the purchase of my first SFH for a LTR situation. 

@Daniel GrantzRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Quote from @Roger D Jones: Quote from @Fred Scott: @Roger D Jones:  Any insights on why the North Carolina purchase in Fund IV makes you nervous?

You can pretty much learn everything you need to know about S8 within 2-4 hours online!

I partnered with him and purchased my first property here in Columbus, OH.

He negotiated a $5k discount on the purchase price, and I moved forward with the deal.Fast forward to now - after seeing water in the basement, I hired a professional to inspect it, and the news was not great.

Using quality yet affordable materials can transform a space without excessive costs.I could remember working on a property an investor purchased.

And I don't think anyone else will be able to get a loan if you decide to sell it in the future - which obviously impacts its value.Yes, you can do Conventional, FHA, VA, and USDA loans to purchase existing or new manufactured homes. 

Let's assume the financials in the package are good for a moment (they probably are not) AND that you either do not or do achieve the broker's pro forma:If you purchase this asset, achieve ONLY the 'current' NOI, grow NOI 2% per year, and exit at a 5% cap at the end of Year 6, you will have a 4.8% unlevered IRR.