[Emphasis Added]Yes.....that first sentence was my whole message in response to you, it appears to have been lost in translation.

A lot of turnkey providers have product that is in tougher area which translates to tougher management long terms.  

@Paul PassafiumeSomething is getting lost in translation. 

And so the you just own the land which translates into less expenses.

Worst case scenario, this seller is capping the income from the POHs with the lot rents and he may not be deducting the expenses associated with maintaining the POHs from the P&L which would alter the financials and give you a distorted NOI and thus a grossly inaccurate cap rate. $525,000 Sale Price-----------> 12% Cap Rate-----------------------------------------525,000 x .12 = $63,000  The NOI may or may not be too far exaggerated or off, can he support this claim with documentation and rent rolls for prior 3 years?

The guy i used was a General Contractor that specialized in renovations  He was super easy to work with taught me  TON and i didnt have to worry about trying to be the GC myself  Using a smaller firm allows you to be more involved and it also IMO allows your ideas to make it more easily to completion as things dont get lost in translation fromGC to sub to the subs workers  Feel free to PM if you ever want to talk about what it is like to have to learn as you go!  

We really don't have to alter the space much to make this happen.

It won't quite get you to 10% the first year, and these ratios only produce about $1,200-1,800/year in cash flow, but they are good homes, easy to rent to decent tenants, better homes with lower maintenance costs, and usually retain tenants longer.The lower you go in the market your numbers get altered by things like:Shorter tenanciesLonger vacanciesMore expensive maintenance (especially on older homes)More late paymentsMore likely evictionsDrama...

Perhaps practice on paper then translate what you get onto the spreadsheet and/or calculators.That way you can physically see how you are breaking down each line item.It’s easier to learn now with smaller properties as well.

When I find one then I will translate the BP education to that market.