If you choose to set it up in Illinois (IL) and then file as a foreign entity in MI, you will end up paying two state filing fees, which unnecessarily increases your costs.

Converted an empty room to a standard room to make it a 6-bedroom instead of the original bedrooms which increased the rent from $2,200 to $2,800 for Section 8 voucher holders for this zipcode.

May have to increase your budget to 550k range tho. 

The difference would be $6,800/year with a 3% increase over 5 years. 

My thinking is increased value and cashflow on a long term hold.

When it seems like they have a final bid and no one is willing to increase it, they will often times go talk to the owner for a few minutes.

Your option there would be to increase the duration of the payments or pay him more down if you have the cash. 

I think we are competitively priced, so most of out tenants have been renewing, but we plan to test higher rents in 2025  for our larger apartment buildings to account for the steep increase in insurance prices.There have been A LOT of new apartment buildings put up recently in the Cedar Rapids metro area, so depending on the class of tenant you have, maybe that could account for some of softening you are seeing? 

Increasing it to at least $500K to $1M ensures better protection.

Mobile homes can sometimes be more expensive to insure, so it’s good to shop around for quotes.Resale Value: If you ever decide to sell the mobile home, understand that its value might not increase over time.