Their funds are very diverse in mobile home parks, self storage , industrial, Multifamily, etc   So they are like a fund of funds.

That's our cap.The only time we have seen an electric bill higher is when contractors were in there working and using a ton of electricity for industrial heaters for a month.  

Regarding DTI - mortgage industry will alllow around 40%, but tenants tend to pay a higher percentage of their income to rent/housing than homeowners.

I have been investing since 2008 and have purchased everything from single families and duplexes, to 250+ unit multifamily, to assisted living, to shopping centers, to industrial and more.

In the manufactured home industry, I've heard more complaints about new homes being bought and installed straight from the factory than consumers buying older homes direct from homeowners. 

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.

Being in the industry for over ten years and running over 500 machines myself I can only say they are bad dudes. 

True, I am 100% with you on that.The point here is, when you analyze, you do based on what you know now (what is known as a fact today) and on what is highly likely to happened (again from today) and to accept the fact that things might change tommrow.Life happened every day, that’s why  we need to stay firm with our direction but flexible with our approach.having lived through the HORRORS of those years fully engrossed in the industry almost nationwide... it was regional on who did well and who had troubles.. no question well positioned landlords in Portland for instance no issue.. 

Santarelli as an absolute industry expert (podcast, websites, press, social media advertisement) cause investors to have a false sense of security.

While technically negotiable, the Sitzer/Burnett case revealed that the industry practice effectively standardized these rates.