Paying a bit more might be justified if the pro forma income is very achievable, but $360,000 seems too high unless renovations are already complete.Factor in the costs and timeline for completing renovations for the studio and the fifth park-owned home.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

The cost of entry is lower.   

Here's a big "math" you overlooked for quite a few years.Right now $388k in equity, minus (let's go all out) $100k in closing costs, gets you a walk away of $288k in equity.Use that $288k as a 20% DP, and you should have $1.44M in property value,...not $415k. 

.$24K in soft costs (permits impact fees etc)$200K (or less) buildout of the house (size tbd on after-build-appraisal) Likely going with 2/2 A frame 1000 sf.

If a prop is 250k and you can refi at 70% LTV you want to get it at 175k minus rehab costs.

I'm not satisfied with not filing the rental in an LLC simply because it's more simple and might cost me an additional filing fee .

A good landlord understands that vacancies & Rent-Ready costs will destroy your cashflow and profits.

You will incur more lending costs but you will only be in the first loan for 6 months.

My duplex - built 1989, 2,060 sf, 2 bed/bath, 1 year old roof, value if I subdivide (county already approved) and sell each separately $150k each ($300k total)Investor duplex - built 1995, 2,300 sf, 2 bed/bath, 5 year old roof, value around $310kThe investors initial request was for an equal trade and they would pay realtor fees, which I replied wouldn't be equal due to buying/selling costs (recording fees, title insurance, closing fee, survey, inspections, loan fees, 1031 fees, accountant fees, repairs), taxes would increase due to new sale price, I'd trade a 3.75% mortgage for a higher one, and I'm on the 10th year of a 30 year loan so resetting that to a new loan would restart amortization and pay more towards interest.