Also, many PadSplit properties have bedrooms that are created via flex walls that wouldn't meet the definition of a bedroom in an appraisal, so many PadSplit owners may think their property is worth a certain a mount based on a bed count that's not valid. 

One thing I'll add to an off-market deal is you might find a seller willing to do seller financing.You said, "I don't think the time exchanged to manage SFH would be worth my time and the cash flow most likely wouldn't be reasonable enough to hire a property manager.

If the premium is worth the convenience for, go for it.

I’ve run the numbers on several different MHP development opportunities and I have always found an RV Park would be worth more on the same land for the same cost usually.

Current thinking is:a) 70% rule, for immediate resale scenariob) BRRRR, Build and hold as rental scenario Thanks in advance for any suggestions!

In previous roles, I was responsible for the asset management, capital improvement, repair, and maintenance of an ANG Fighter Base worth over $400M.

Helpful to know that income isn't a protected class, and I agree that a great tenant is worth a little leniency. 

Finally, even with a substantial discount, the house may not be worth it.

I can tell you from my experience it is worth it all though.  

Although the property is worth way more than the loan we are needing and the secured collateral lien is really a sure safe bet and some easy money for someone willing to take the chance that isn't in it for anything other than to flip their money for profit/wanting to add to their portfolio, this would be an good opportunity for someone just starting out in real estate investment even.