Quote from @Fred Scott: Sunrise Capital Investors - Mobile Home Park Investment FundI've seen a few posts about them here but none of them actually talks about what the actual annual returns have been.They are advertising heavily for passive tax deductions which is fine but what are the actual returns over a period of (say) five or ten years?

A lot of people tend to mingle these things when they talk about "break even" or "cap rate", but that leads to a lot of confusion.Let's use some real numbers which may be easier to understand. 

I have talked with a few MTR specific investors recently who are transitioning their properties to long term rentals because they are sitting vacant.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Have you already talked to the seller?

He always talks about his deals being conservative, but there seems to be some big gaps in the underwriting, with the 2 deals I am in. 

You'll probably get some good ideas here, but I'd suggest talking to a real estate attorney soon and maybe run some of these ideas by them.

In talks on four different properties. 

I work with investors from California all the time that are able to find good cash flow in a growing market where the appreciation is obvious.I agree with @Jason Wray that many of the investors I talk with from the West Coast find that the markets in the sunshine belt work far better for their investments. 

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.