NOI / Capital Employed (down payment) = Net ReturnI then break out the Net Return into what would be cash and equity.

Sell it to him that refinancing isn't your plan immediately, and break out how much interest he'll make in 7.5 years at that higher offered rate (even though you know you'll never pay that) for the little bit of risk that you'll actually refinance before then (wink, wink).

I also plan to ask if they will break out their remodeling costs so that my CPA can accurately depreciate the work done on the property.I was wondering if any of the BP community has a checklist that they use when interviewing and hiring a contractor?

You will want to break out the lot rent and make sure and only capitalize that amount from the $500/month charged for the park owned homes.

I am the definition of a local Pittsburgh investor, and I have nothing to gain or lose through any sort of interaction with you.The thought buying anything in Pittsburgh sight unseen for any reason with the help of people I'm not related by blood or marriage to makes me break out in a cold sweat.

An appraiser, if requested, can easily break out the land vs building values.

But this breakout over 50 means a lot of non-cash buyers are moving in.

See if there is any documentation as to the breakout between the two on prior sale documents, or you can look at how the county assessor breaks it out. 

I figured if the applicant could get break out prison, he'd find a way out of the lease and it was an easy denial....

Then you can determine if this is the right profession for you and break out on your own.