Also - One "Best Practice" item would be to make sure you notify your losing bidders, just a quick call to explain that you've selected a different contractor for this particular project, you appreciate their time for putting together a bid, and that you hope to work together in the future.

I'm just looking for more ideas, not to sell this to someone so that they can lose.

If they are too slow getting everything completed and they lose the unit to someone else, so be it.

Unless the interest and improvements racked up enough to cover the additional $10,000 paid by your partner over the auction bid price, your partner would lose $10,000 on a redemption.

Even then, they are typically conservative in their valuation of the homes because just like an automobile, MH continue to lose value as they age.  

I say this, this business will never be all the same, you will win and lose but at the end you will strive and move on to the next one.

I say this, this business will never be all the same, you will win and lose but at the end you will strive and move on to the next one.

At that time you'll have more data on what is current market rent, which may be higher or lower than what you are assuming now based upon a single competitive rental.But being $100/mo below market rent may be no problem (worth it); if you've got a good (trouble free) tenant - as you can easily lose many times that in a turnover.

I think cash flow will be sparse; if not, I'd be interested as well in seeing what Jonathan Boyle has to say.Low absorption rates, lots of new construction projects, and an influx of young professionals moving up from Hoboken and NYC Thanks for the info Robert, but if you want to 'make money when you buy, not when you sell', and place an emphasis on cash flow, then three reasons you mentioned don't appear to apply.  

The fear of the unknown and fear of losing a lot of money can be debilitating so I have to get past that thus I am looking for a simple launching deal.