In end, I'd be surprised to see anyone get anything back any year soon, if ever.

Don’t hesitate to reach out if there’s ever anything you need or want to chat about.

The BEST lenders I have ever worked with (as a borrower) are, as you say, quick to respond, reliable, honest, and never leave me hanging. 

Her communication was abysmal, was only ever able to speak to her once on the phone. 

You are more vulnerable than ever to make a dumb investment.

On the other hand, I feel one of the main advantages of passive investments (via syndication/crowdfunding) is that I can hire a manager who has years more experience than I can ever hope to obtain myself.

Regardless of the price you pay, you likely won’t ever be able to find an MHP investor who wants this so you might get stuck with it.  

I use standard market PM rates in my underwriting, but I also would not work for those rates but it is fair compensation for the work.I typically use vacancy of 5% not because I have ever had a unit that had that high vacancy but I do not have a no payment category and I want the underwriting to be conservativeon the opposite, your rate is a bit high and your appreciation rate and rent growth are modest.overall, seems like a decent attempt at an analysis.  

Very important that you do a lot of research on who ever you do business with.

The problem is these homes are 60-120 years old and because of the low value neighborhoods, nobody has ever made any capital improvements beyond duct tape.