Let this thread to be a place for constructive, productive conversations, networking and working together to make some money and bring some positive light to this frowned upon industry in RE world.Thank you all for your insights, opinions, comments!!

If the tenant fails to complete the job, or does it poorly, you'll have to hire someone to finish/fix it and you'll be out the rent money. 

I moved in with no heat, no water, and a very poor electrical situation but by this time i was working for my mentors construction company and had an abundance of resources at my disposal.

However, NYC has a ton of wealthy people and the result is really poor investment return rates.Cap rates in NYC are disappointing.

You're not in that market or product line here. 

Thinking more granular about these banking products- Add to the safety you seek.

He should retract it and go back to the $150 to send a strong message that trying to take advantage of his generosity will not be rewarded.He obviously has handled the situation very poorly by making a offer in the first place but now he must take back control of the situation and make it very clear that it is $150 or nothing and they can pack their bags.

After you pay a lawyer to fight the lawyer they get for free as the poor disadvantaged renter.  

It doesn't mean they CAN'T appreciate - the only thing keeping a manufactured home that is permanently affixed to owned land from appreciating, from what I can tell, is the general stigma surrounding manufactured homes caused by poor quality builds from the 1970s - 1980s and the misconception that ALL manufactured homes depreciate because of those that are not permanently attached to land.

You can definitely use a DSCR product for purchase or refinance.I personally like the value add opportunity.