It appears as though they'll leave about $150k "in the deal" as equity after the refinance. - The interest rate on the hard money (14%) seems about right.

Based on what you've written it appears you not going to get the mobile home voluntarily removed so you'll probably have to pay an attorney to look into it and give you options.

In 1984 pyschologists Daniel Kahneman & Amos Tsversky showed how humans tend toward irrational risk-seeking when facing an expected loss -- a loss like holding cash (equivalents) during inflation.  

I also see that if I were to invest in Park County, the best zip codes appear to be Wapiti followed by Ralston, however it appears few people live there, making supply scarce.

TimelineThe projects appeared to be progressing well throughout 2018.

This includes a 4.2% increase in rent costs and a 2.5% increase in homeowner's equivalent rent.New Residential Construction Data: Housing starts increased by 3.6% in May 2024, reaching a seasonally adjusted annual rate of 1.72 million units.

Each State is different.Some states require you to track the passive losses at the state level.There may be a state equivalent of the form 8582 or there may be a completely different state form.Also be mindful that some states do not recognize bonus depreciation so there may be some federal / state differences for rental income.

Here's a useful article about most of the changes.https://www.chicagocityscape.com/blog/chicago-appears-to-be-in-the-home-stretch-for-citywide-adu-expansion-8bfd8b2bc8

@Saeed Jassani appears you are not only comparing two different markets, but probably also two different asset classes.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.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.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

@Arlyssa WarnerAs mentioned a mobile home is not real estate - with it being in a community where they don’t own the land it’s the equivalent of buying a car.