After that's under control, focus on increasing income through additional work at your current job, taking on a side hustle, or finding ways to increase income on your existing rental.At the same time, educate yourself.

Increasing NOI and value of property by 2M+ Lessons learned?

One of the things to watch out with mobile home parks is the increase in lot rent.

.🔹 Example in Action:Rental income: $9,000PITI: $9,500 → DSCR <1 (not qualifying)Using $63,000 in assets → Adds $1,045 in incomeNew DSCR >1 → Higher LTV (80% instead of 75%)🔹 Why This Matters:✅ Helps investors qualify for better financing✅ Increases borrowing power and flexibility✅ Allows you to scale your portfolio fasterUnderstanding financing tools like this can be a game-changer for investors looking to maximize opportunities.

We liked the idea of partnership on a bigger project with the specific MTR strategy in order to increase NOI and exit in 3-5 years.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

I would slow down and think about your BUDGET, what you can get for $30k, and how you can increase your income.

I recommend you do this annually to adjust for utility increases and other variables.

As other people have mentioned, does it increase risk of being rent controlled down the road?

Properties like the Michigan complex offer a unique entry point, combining cash flow and significant upside potential.Immediate Cash FlowThis particular property is projected to deliver 6% annual cash flow from day one, already exceeding the yield of Treasuries.Value-Add RenovationsThe property includes hundreds of units that can be upgraded to Class A finishes, justifying rent increases.