If you can manage the relationship to lessen turnover frequency and get a similar return as large landlords where if they took the same approach as the large landlord they would earn LESS.

I also agree that RE appreciation is unlikely to match the last dozen years, but you never know.Where I am unsure we agree is that paying $450k to improve the cash flow ~$3k (your numbers but I expect my delta wold be similar meaning both my cash flow estimates would be worse than yours but both would be worse by the same amount not affecting the difference) makes sense especially if the cost of having the extra $450k is only 6% rate which is historically simple to beat via numerous investment options and hopefully no one is investing in RE for an expected of 6%.  

Enjoy that well earned retirement. 

The account does not have to be an interest bearing account but if it is, then a portion of that interest earned has to be returned to the tenant annually.

Anyone extra cautious with these types of investments right now?  

They get extra sun and produce a lot more limbs and thus knots, lowering the value. 

It could’ve just be my personality, but I always felt a little reluctant to be extra friendly if the other side did not reciprocate.

That's too much effort required to earn a few dollars on a short-term stay.

Purchase price: $82,077 Cash invested: $50,000 Sale price: $275,000 Fix & Flip mobile home with extra lot.

Not much good stuff on the market right now that can cash flow without work and on the MLS the prices don't allow for some extra reno.