I guess I am asking is the loan based on an LTV ration after rehab.

How, pray-tell, would a rational person assess the capacity for one to make judgements about the skill of sponsors or how conservatively their opportunities are underwritten?

Somebody explain to me in a rational manner how the property manager should be stopping criminals from breaking into the home?

Usually it ends up where the buyer gets the property, but the deal isn't a deal anymore (what you are hearing now are the sounds of mass rationalization).Learn to look for opportunities. 

Expect that you will not see 33% rent to income ration and rarely (from my experience) will you find a section 8 tenant with a credit score over 600 in a class C neighborhood.

I love trying to rationalize with appraisers.

That’s not really something I’d use to rationalize systems or whatnot .

The variables that influence the expense ration tend to be the type of park, the amenities at the park, the utility solutions, and the onsite required staff.  

You're working really hard to rationalize your profit.Again, the way to move forward is to run this by your broker - and maybe even by your local Realtor's board's legal counsel to be safe (assuming they'll answer that sort of thing - they may not)  If I were your broker (and I'm not), I'd want a very plainly worded letter, drafted by your attorney, signed and notarized by the Personal Representative of the estate and all of the heirs that the fair market value of the property is $100,000 and they are willing to accept $60,000 as a means of selling it quickly, and that they explicitly reject your recommendation of listing it on MLS for $80,000. 

Inexperienced investors tend to (1) get exited about deals without having the experience, knowledge or ability to properly determine if indeed the deal is good, bad or mediocre, (2) take what the seller says as gospel not realizing most sellers will exaggerate, lie and or withhold vital information to get what they want, (3) engage people who will provide opinions for free rather than pay a competent professional, (4) get emotionally caught up in the deal and very defensive when receiving an opinion or information that doesn’t support their dream, and rationalize that more experienced people who point out flaws are “jealous, negative or haters”.Btw, no one can provide any knowledgeable answers to your questions without first analyzing the deal, your ability to come up with a down payment, your credit capacity and banking relations, if you have a track record, your experience with similar property ownership, etc.