Mobile home communities are a unique blend of owners/renters.

I would say if you are just buying for cash on cash return, then it could be very hard to compete with the buyer who figures that 6 to 8% return is really 15% with the blended return (tax savings, appreciation, equity gain through tenant paying down mortgage and hedge against inflation).

I stay away from those as a sponsor because even if cap rate blends up and you eek out a little upside in so many years after resale costs there is little to nothing for the sponsor.

But there is a larger risk factor associated with solely relying upon your profits coming from appreciation rather than solely cash flow or a blend of cash flow & appreciation. 

It's easier to blend in repairs and colormatched paint.

Helps it blend in a little better so it's not as bad of an eye sore. 

I see a holistic strategy of blending your investment funding from 1) QRPs and you 2) regular liquidity.

You are right - the front of that house is horrible - but the big problem is that the mini-roof breaks the facade, and the facade blends with the mini roof.

Save or get 3 1/2 % down payment + cost (you save or co-borrower contributes 100%)Parent or family-like relation is the co-borrowerLender “blends” all debt and income for qualifying All borrower must be credit worthy (if of you don’t earn income)Benefits: Parents stop paying your rent since you’ll get roommatesYou’ll become an be aspiring investor that will pay back the down payment or partner with that family member in future endeavorsIt’s a win-win situation which not only the foundation in your financial future but will strengthen the family as a whole as you’ll share more that just a familial relationship.

If market rent is much higher you might have a play to blend returns upwards.