The problem with buying smaller parks is that the exit strategy is tougher -- there are fewer buyers for deals under $1 million due to the better financing starting at that price point (CMBS vs. bank debt).

Investors and retail buyers hoping for conditions less favorable to sellers have so far only seen the opposite throughout the pandemic.ABoR President, Romeo Manzanilla, commented: “Our market is now ultra-competitive because of our dangerously low inventory and that is cause for concern over the long-term.

Go from fewer using 1031 exchanges to purchase multiple units that maybe have better cash flow than one $230K one.The cash out refi is a great idea if you really like the current unit and it's performance. 

This year we bought significantly fewer liens and paid significantly more to get them.

This can be dangerous.

There may just be fewer of them and they're looking for bigger discounts due to the uncertainty in the market.

The thing is you're really betting on appreciation, which is inherently dangerous.

If you put less than 20% down, you should still be able to find a lender that will refinance out of the FHA loan, but there are fewer of them.

----In terms of buying expensive houses and praying for appreciation...You're playing a dangerous game there...What happens as your taxes go up as a non-OO...and your holding costs start mounting...What if it takes a couple years for prices to ever go up. 

@Anthony Urbik Like @Matt 'Roar' Gardner said, there ARE multis to be had but like you already discovered there are fewer here than many parts of the country.