If you decide to renew her raise rent to what you want, without the garage, but be specific your not renewing with the same terms that include the garage.If it goes to court and she pays in full then your stuck with her for the term of her lease, unless you give her a non-renewal notice before the end of this month.If she pays, your only stuck with her for another 60 days. as long as you give her the non-renewal notice, the 60 day notice required by both parties per your terms.You can give her a non-renewal notice which is basically saying even if she pays her rent she will have to move at end of term of her lease.

Second, I know most will think it ridiculous but; Is it plausible to begin without money, borrow from a HML and agree to split the profits at end?

Someone like you could even ask for PIK terms (pay in kind), so you basically don't pay interest payments during the hold period but at end.

But as the owner you hold all the cards.If property is doing really well at end of lease you could negotiate an even higher rent amount.

I think you brokers and agents feel that this is a tender spot because it's true.

Below is breakdown:BRRRR Results will be final after I refi at end of month but plugged in initial locked in quote from lender now just need to negotiate closing costs with title company.Monthly Income:$1,425.00 Monthly Expenses:$1,172.23 Monthly Cashflow:$252.77 Pro Forma Cap Rate:6.06% NOI:$10,607.50 Time to Refinance:2 Months Cash on Cash ROI:36.69% Purchase Cap Rate:10.30% Vacancy:$78.38Repairs:$49.88CapEx:$49.88Insurance:$100.00Management:$71.25P&I:$631.19Property Taxes:$191.67Purchase Closing Costs:$3,605.00Estimated Repairs:$10,338.00Total Project Cost:$116,943.00After Repair Value:$175,000.00 Acquisition:Down Payment:$0 ($10750 surplus)Loan Amount:$113,750.00Loan Points/Fees:$4,823.00 Loan Interest Rate:14.000%Monthly Interest:$1,327.08Total Cash Needed At Purchase:$8,016.00 Refinance:Loan Amount:$121,000.00Loan Fees:$7,500.00 Amortized Over:30 years Loan Interest Rate:4.750% Monthly P&I:$631.19 Total Cash Invested:$8,266.00 Purchase Price:$103,000.00All is right in the world. 

I have no "rule of thumbs" for COC numbers but you can get a feel for what COC you get for different neighborhoods by manually running numbers.I've seen that COC has a tendency to really favor properties in the below-100k range.

I realize that perhaps finding tenants would be harder because people have a tendency to look down at manufactured homes, but is this the only real disadvantage?

@Chris Seveney it gets confusing with Quickbooks because trying to follow checkbook along with when the bank records deposits at end of year or into next.

at end of each closing?