Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.

I believe its an epoxy based paint. 6.

As I start to look at what sub-contractors I want to use I wanted to see if anyone has a good base template for sub contractors to sign?

All Texas based. 

A business partner approached me about it, and I negotiated the deal based on CAP rate.

Can you deny someone's application based on this despite it being a medical marijuana card & not technically breaking the rules of smoking indoors?

It's adjustable based on size, erring on the side of generosity.

I was told initially that commercial deals(5 plus units) were based more off income property is producing than personal credit/finances but that's not entirely true.

I have used this method in the past and 90% of time has worked, perhaps I was just lucky, I'm not an attorney but based my thoughts on common sense and what I have read. 

@Ilir Livadhi I think you are referring to property wholessalers telling you how much the rehab will be - and as you see, their numbers are often not based on reality.