Since inflation was so severe for the last few years, they had essentially decided to raise interest rates aggressively in order to fight this high inflation even if it came at the cost of slowing the economy down.

As you make payments, your principle goes down over time. 

Lets face it, the real risk is the principle anyways so protecting that is most important.I also have no early payment penalties and often, the ability for the investor to roll into the next deal allowing their capital to be constantly working for them.All loan docs should include the interest rates, loan terms, and payment schedules. 

Grand Rapids is definitely a good market for multifamily investment as it has also seen rent growth unlike other parts of the country for multifamily.It is also a more affordable place to invest compared to other parts of the country and Grand Rapids is generally landlord friendly.A quality property manager is essential for an out-of-State investor and there are some good ones locally.To Your Success!

The problem is the 30 day right to cancel which will essentially kill the business. 

You want to have more room in LTV paying down principle to be better position for refinance in a few years when rates hopefully come down.

So no money down, $845/month cash flow at 95% occupancy and about $800 of principle paydown.

Also, here is the current listing for the asset:https://buildout.com/connect/sharing/3125-crestdale-drive-ho...Based on this property, sounds like maybe the property didn't go into foreclosure, per se, but that the Key Principle stepped in and removed the operating partners due to mismanagement.  

In reality to be successful in real estate you need knowledge of real estate principles, real estate finance, real estate law, and real estate practices.

Income approaches (direct cap) are most relied upon in MH parks because the buyer is buying them as an investment and its the income stream that you are essentially buying.