@Ming Lim I have no illusions about it being work, but when you say "hands on" it conjures up images of Ming up to his elbows in toilet water fixing things. 

A high gross yield is only an illusion if the market have so much vacancy that you have to expect a long period of vacancy in between tenants.

--------I'm under no illusions that this is a good deal, but I wanted to see if there was a possibility of doing something creative to make a win/win for us both. 

@Craig Hanlon  depends on the asset and were it is.. many assets that are buy and hold will appraise or comp for higher than you pay for them giving the illusion of instant equity.. the issue is you will generally never be able to sell and capture that equity... its phantom.But if you buy 30% below market of todays ARV in say Vegas or SF or Manhantan or even my little portlandia then your equity is real and can be captured. and in my mind 6% would be great.. but not if your buying in one of the areas were all you hear is appreciation is icing on the cake those areas generally never move in value.. so you need higher cash flow to substantiate the purchase or the reason to invest there in the first place.

While it's understandable that tenant A, having lived there for 17 years, may be under the misguided illusion she, somehow, has more "rights" in the matter, inform her that failure to pay her entire stated rent will result in initiation of an eviction (or whatever your particular term is for this).Time to nip this nonsense in the bud so to speak.Gail

But if there's is some monumental real estate bubble that bursts, I have no illusion that the money I have in the stock market or in bonds is going to "save me".  

Looked like it was better taken care of than #1, that may be illusion due to the colors and the art/furnishings.

If it's in the shower, you can purchase shower heads that concentrate the flow of water (similar to a pressure washer concept) which would at least tube the illusion of higher pressure.

I think the illusion that it is a ranch style home rather than a typical mobile home may have a broader appeal.

As for books, "Think and Grow Rich" as well as "Illusions" have made a huge impact.