If all utilities are direct billed and tenants pay you directly then the Manager is just being eyes and ears for a steady state Park - free lot rent alone is suitable especially for a 20 pad Park where very little should be happening except some minor maintenance coordination.If you're infilling lots and doing lot of changes then this will need to go up.

Yes, you don't want to end up buying a dud that never cash flows but this is more of an appreciating market than a cash flow market so using Internal Rate of Return would be more suitable. 

Guess I'm going to have to go with a 1031 and trying to find a suitable replacement property in this crazy market...Alas, since I will be selling another house this Spring anyways (more than likely but not 100%, HOA is starting to be a PITA beyond belief) and the sales are not spaced 2 years apart I guess I will use the money via 1031 to buy more houses.

My suggestion would be to look into refinancing your current home if possible, and then re-evaluate it's suitability as a rental.After refinancing for $85k I would expect your monthly loan payments to be ~$400.

Hi Tyler,I recommend hiring a real estate agent to represent you in the purchase of the property and to find you a suitable, responsible and qualified tenant.

But I know this can be hard to achieve in desired areas, and may take time for the appraisals to catch up with market values in these particular areas But  I would also agree with @Christian Hutchinson and say multiunits may be more suitable or other areas that can achieve  1-2% in various areas in the city. $80,000 can do some damage here if you ever wanted to leverage it.

As part of the land purchase, I feel it would be best to present all of the revenue generation options upfront for each property before starting geological, environmental, and civil surveys.I would appreciate any insight on creating value post-purchase, identifying suitable revenue options, forecasting, estimation of potential returns during development, key team members to add (engineers, surveyors, etc.), and deal structuring (I am raising funds for the purchase so insight into owner-financing options, etc. would be great).Disclaimer: I realize some of this information can only be provided after thorough examination of the land and welcome any suggestions on experienced, reputable, and successful professionals in these spaces.Thanks for replying,Ryan

By that I mean knowing that RE investing is suitable for them.

You could simply add your own cash to the investment but for most people it means that they will have to take out new deb in order to not have part of the transaction be taxable.Your question was really more about the suitability of a geographic location rather than tax savings but since Damon brought it up I thought I'd chip in.  

For example, I want to know how each on of my units is doing as an investment.I was wondering if anyone can share an online guide or other information on setting up a chart of accounts that is suitable for landlords.