In addition, doing SOME of the work yourself will help you know, to some degree, what things should cost...and what you don't want to do yourself, even if technically you can (laying laminate, mudding drywall, etc, etc)...Even if you don't do the work you should at least "watch the work." if you can. 

You can then add uhaul and mandatory renters insurance, for next to NO out of pocket cost, to increase the value of facility by probably $1 million on an average sized facility.MHPs are great assets, but the industry has its issues, financing is always a PITA.More and more park owned homes, which makes them horizontal apartments that do not increase in value as much when you have to do major unit repairs and upgrades. owning the dirt and renting the pads not homes is IDEAL, but seems less and less how the assets are.. once you dig into that industry, it starts to have more discussions on how to get 21st century programs to get mobiles to fill your park.MHP's returns are better than apartments for sure, but there are just more hoops and challenges for those, and thus that's why returns are higher. the demand will NEVER be satisfied for affordable rentals, EVER.The way society is set-up with zoning and local government approvals, with not allowing "cheaper" or "smaller" units in their neighborhood, as to introduce "undesirables" into their city and thus decrease the property values.. its never going to change.That's also why we are looking heavily and purchased B & C apartments, its the ONLY cheap housing left, and the demand is INCREDIBLE and guess what will happen if we have a soft recession...

It's a 9 unit building in an area just outside of the "hood" or an undesirable area.

Buffalo is a little odd; one block of a street might be fine, the next block is pretty undesirable, then two blocks over is the trendy area.

By having asked for a extension she placed her landlord in a undesirable position that should never have happened.

With a little lipstick and nice marketing, it's fun to turn an undesirable 'pig' into a prized property with multiple offers at/above the goal ARV. 

My question is, do I reduce my offer by the amount of the estimated rehab costs (mainly water damage on floor in mud room/bathrooms) or just run as far away as i possibly can.

Then repeating and slowly building up a portfolio.I am actively working with a good agent (after eliminating 5 others) and it seems that most multi-unit properties are in undesirable parts of town and are extremely old or are priced so high that they don't meet to 50% or 2% rule.

Studios and 1 bedrooms in undesirable apartment complexes.$750 -> - 1 BedroomsOver $750 one bedroom units become available.

Well, we're rapidly counting down to 2018 and my 1950s stick and mud shacks all over the Inland Empire are still delivering me a nice income.