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.

The last property I bought was sight unseen from overseas. 

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.

People buy the land many sight unseen, many internet sales, many out of state or even country because the land is so cheap and remarkably beautiful in the painted desert but so remote that only an artist like me wants to keep them all and have retreats for others too but I will sell some, upfront and disclosing....so when they realize or figure out it's not so romantic to them after all, unlike me, they stop paying taxes and let it go and the same lands get recycled over and over... 

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.

So if all hell broke loose, all I'm losing would be the original 20% + time + Headache + Uncalculated rehab cost, which is still somewhat a acceptable loss in my current stage in life.

Keep some liquid investments like stocks and bonds handy so when that day comes that the world falls off a cliff you don't lose your apartment complex.3 - Do not trust your property management company - there are good ones but you need to be their "overlord" so to speak - quarterly reviews of their numbers, regular meetings with them, etc.4 - Do not buy a complex based on magical projections of future rent increases - only buy it if it the numbers work as is.