I’m planning to do this for 3 multifamily properties all located in MA, each ranging from 2 to 4 units.

@Ricky Rigsbee - I use the Michael Blank SDA and think it's extensive enough for modeling a purchase with or without syndication. 

Where are you located in New Jersey? 

Do you invest in the Midwest or you're physically located there?

If it's a deal that is in a very very desirable location and has tons of built in equity and appreciation, I would be totally good with negative cash flow for Y1 and Y2.

With no mention of price, location, rent etc.....

That entire 78741 zip code is good and has been in high demand historically due to its location. 

Your LOC at 4% over 10 year am. period is $101/mo payment. 3.

I have all three kinds of parks- LT RV, POH and TOH so can help with repair estimates but so much depends on location and access to reliable repair services. 

@Ben CallahanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?