Permitting can even be town specific.

Quick Story:Found a nice quadplex in my local town that an investor is selling for cheap.

Price is $275K, he won't carry anything back45 spaces12 lot rent28 park owned (would sell those to tenants on owner financing/rent to own to get to lot rent)5 Vacantpark homes rent currently $400-425lot rent currently $125- I think market is 175-200, but not many parks around so has been hard to get numbers3 bed houses rent in nearest large(ish) city of Florence SC (30 mins away) rent for $800-900city water and sewersmall park footprint wise, just 2 roads- 1 paved 1 dirt- and all houses in the middle of it, very small footprint, tight parkArea:Marion SC, super small town, but is 10 min from super walmart, 30 min from Florence, that is the nearest MSA (technically Marion is not in one)Marion small, slowly dying town; Florence growing, solid city/townFlorence metro good growth since 2000, like 17%, low unemployment, everything looks solid there.Numbers:I am pro forma-ing it at $150/space lot rent, 40 spaces, $6K/mo, after 45% to expenses is $3,300/mo net/mo... which is $39,600 net/year14.4 cap on property pro forma12 cap on property based on 125/mo lot rent at 40 spaces.

The Area: The town is Palestine Texas pop. 25,000ish the house is located in an older part of town but not in any danger zone.

The vacancy rate in this town is 0.1%.

I started trying to invest in 2015, and I currently have three rental properties in BC (an apartment, half duplex, and single-family house), but i'm looking to explore other investment possibilities. 

Have a family friend coming in to town for a 6 week rotation and we’re not sure if we need to do a lease and background check.

@Joel Fine this is one of the main reasons that I am more inclined to invest in apartment buildings instead of single family homes, town homes, condos or small multi.

I see alot of lower priced properties but wondering if there is even a rental market in some of these towns?

What part of town is that?