Most of the mobile homes were in terrible condition.

If your purchase price, repair cost, ARV, and monthly rent numbers are correct, then this is just a terrible deal.

The house isn't in terrible shape, just needs a bunch of "stuff" done before being approved for a loan. 

I would never rent to someone with a terrible credit score because it means they are living above their means and not able to keep up with their debt payments.

If it's a small multi-family flip that you only need $200K for, or if the only people who will be investing are family and friends, deals along these lines.. syndication would be a terrible choice because of the resources it requires.However, if you want to take down an entire apartment complex, or a big office space, and require millions in capital for which you'll need to go outside of your inner circle, syndication is basically a necessity.So, you need to know all the nitty gritty about your deals before deciding how to structure it in terms of raising private equity.

Over the first few months I realized that I made a terrible mistake.

Income taxes are terrible though.Regarding using a private lender for part of your financing and the rest conventional, no , generally it's not allowed. 

@Pinaki M. you're right in that my post isn't terribly relevant for commercial in contrast to what you can get for residential income for less than 5 units.

Your return may be terrible, but you should be able to net income.

Honestly, it's not a terrible counter, but its not exactly what I'd consider a good counter, either.