@Sherman Dunn I look at Fannie/Freddie financing on a recent purchase, but ended up using a local credit union.

That indicates that you are looking at a 1-4 unit property that you plan to owner occupy.So therefore things such as the expected rents and expected expenses will have zero to do with valuing the property. 1-4 unit properties are primarily values based on comparable sales.Now id this is a 5+ unit, then you are looking at the wrong type of financing entirely.Also, if you are using a low down payment, expecting cash flow isnt really something someone should expect. 

@Joshua Von Schlutter if you are using a conventional loan, Fannie/Freddie will allow 15% down...some banks don't follow this rule but it is possible to get 15% down on an investment property. 

The bank is going to probably prefer using a more conservative pro forma for a newer investor, so make the numbers work @ worst case. 

Instead of using a mobile home park as your example it gets a little easier to digest if you think of doing this to a single family rental or half of a duplex.  

Using a conservative rental analysis, $1,400/mo is the rental income. 

(B)  You could use a construction type of conventional mortgage and do the renovations with draws, and using a GC to do the work.  

If you are using a low down payment, it's not really realistic to expect to be cash flow positive.

In regards to financing; If you are using a low down payment, it's not really realistic to expect to be cash flow positive.

I am using a lease with option to own plan because i believe thats the best to make the most profits.