The exact threshold is a little grey but generally once the renovation entails 60-70%+  it would be deemed "significant".On a side note:  When posting a new thread to BP, post it once in the most appropriate forum and please do not spam the same message across several forums.  

If the tenant does not pay rent on their flat, proceed with the appropriate remedies under local tenancy law.If the tenant of the parking space does not pay, have them booted or towed.  

I believe my love for rehabilitation, interior design, experience in leading various teams, creating systems, and managing students will lend themselves well to the responsibilities of being a landlord. 

@Katherine Robbins, I recommend that you hire a payroll company to handle distributing paychecks and taking out the appropriate taxes.

Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs; Making insurance available for both mortgages and home rehabilitation – HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage.

If there is anything the tenant has done to violate the terms of the written lease issue the appropriate notice as a 10 day the.

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. 

If so, what would be an appropriate amount?

You can pay $100-$200 to get listed on the MLS and still offer buyer agents the appropriate commission (typically 2.5 or 3%).

This is typically a pretty competitive industry, but the old adage that you get what you pay for is also appropriate here.