Here are the key data points:Park info  Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense. 

Hi @Bryan Pham,Just saw this thread pop up again and thought I'd chime in.I've used notes to pay for all types of debt.

so 4K (x2), 400 (x4) 1K (x3) = 12K + little things here and there IE 3 flooring redos at 2K a pop, so 18K total over 27 years.That's assuming I hold it for 27 years, at which point now it's free and clear so my cash flow turns into $600 a month.Your property analysis adds $213 for utilities I'm assuming that's HOA/Insurance?

A complete gut or pop-top is probably not the type of project you want to get into on your first rehab. 

Traffic ticket lawyers bundle the appearances for all the clients onto one day. 20 tickets at $100 a pop is a $2000 day!

@Michael Vallee, I wouldn't have any trouble getting that loan financed as a broker if no red flags popped up.

These real estate gurus pop up like mushrooms throughout the year and entice people to attend a free event through very slick radio and TV ads.

Some will get out of their cars smoking, and some drinking pop or something else.

Take or leave any of them, they are just what pop into my head-- I don't agree about the NNN option.

I told her if she knows that on the owner dashboard, even when instant booking is on, their platform prints pop-ups or big highlighted messages encouraging the hosts to activate instant booking and get more bookings.