I then made one that combined both spread sheets into one.

I strongly believe that carefully vetted commercial MF syndication is a good investment vehicle due to many many reasons (professionally managed, more passive, economy of scale due to large units, spread of risk due to multiple partners, and all the goods of Commercial MF like forced appreciation through value add, not only to mention all the tax benefits)...

What cap rate did you pay, what was your cost of capital and what was the spread?

I live in a rural area, so there are a lot of mobile homes here, but they are spread out all over the county.

The worst experience I ever had was spending a month with a friend in Alpharetta GA in 12,000 sq ft with driving range pool media room  etc etc etc. 

At that point, someone decided to try to just spread some kind of penetrating oil over all the windows and doors as a quick-fix.

If you can get a DIL and the value is there, the BPO checks out, and your at a great enough spread and have $5k into it, I would consider owner financing it to someone like an investor or maybe a land contract if available, with enough down to cover your cost.Then you have your money back and their payments are gravy. 

It usually helps when you show them on paper how they will usually make more money and how it can spread out their income and pay less taxes over the length of the loan. 

With 4 people, risk is spread and there's enough meat on the bone if we buy deals right.

For those of you who are new to Real Estate, this career is 100% built on trust, if others don't trust you they will quickly spread the word and it will be something you have to fight off for a long time.