3 Steps To Take Immediate Action:1) Set small, short-term goals (establishing a one-year, three-year, five-year goal has helped me tremendously)2) Seek help from people smarter than you (I am never shy to ask questions, even the stupidest ones)3) You grow through what you go through (We will make mistakes along the way and that is ultimately what will help us become better investors)

This strategy has worked tremendously for us, but I'm not sure of demand or rates relative to your area.Keep running your numbers, but don't get stuck in analysis paralysis.

A felony shows a tremendous amount of irresponsibility, especially if it's his second one 20 years later. 

I also learned how tremendous it is to have a great operator (general partner) who is running the deal, so I am able to get regular financial reports as updates, and trust that my capital is safe.

BRRRRs are really tough right now with interest rates high, rents flat, contractors booked up, and tremendous competition for deals.i always get nervous with HELOCs as down payment because it can mean that you're not well capitalized. 

That said, I know a few MHP operators that make some pretty tremendous money on the trailers, mostly by renting to people who need to pay in cash and have someone not ask a lot of questions - illegal/undocumented immigrants, transients, probably some criminals for sure, sometimes people (mostly women) hiding from domestic abusers, etc.

My journey began with owning and managing my own rentals, which have seen tremendous success on platforms like Airbnb and VRBO.I bring a wealth of knowledge and experience to this table, which I'm eager to share with this community.

Since you mentioned the property needs a lot of work, if you could put in some higher end finishes into the cabin (kitchens and bathrooms), there would almost certainly be a pretty solid base of STR guests wanting to stay there - almost without exception, every modern STR cabin in Minnesota and Wisconsin that I've seen are all doing tremendous numbers.  

Triplexes and quadplexes are rare and if they are up on the market they are either new construction and very expensive with no cash flow or they need a tremendous amount of work. 

With tremendous equity, positive cash flow, security against the property, and a pre-signed quit claim deed, a PML answering the call to action on this one could receive good short-term gains!