Originally posted by Mike Norvell:Lena, Buy Low Sell High RInse and Repeat....its that simple Man and you don't charge $5000 for that advice what a waste :mrgreen:

I was thinking of dividing the space with plywood sheathed partitions and charging $50/month (10'x20') for each.

If they fail to do so charge your tenants a collection fee to cover the cost of your friend going to collect it from them.

and can you explain the process of how you showed them the rental income (Did you have inherited tenants that you could show an actual rental stream or did you have to show the bank what you would be charging for rent?)

As Ryan alluded to, find a real estate agent to work with; he or she should be able to provide you with the comp data you need to determine a realistic price-point for the location, property and condition.If you need something more formal than doing it yourself but less formal than an appraisal, many agents can perform a "Broker Price Opinion" (or BPO) which will give you an idea of the market value of the property (many agents will charge for this, though).

Some will charge just a flat fee to do that.

I will give a try with Pete.Do you have any idea on his consultation charges/pricing ?

I like my particular model (using Evolve for booking, payments, calendar and I manage everything else) as it's a nice split between PM expense (they charge 13% of nightly rate) and how much time I have to put into each week (less than an hour per week so long as there are no major issues). 

No charge until you use it to buy a property, a car, a remodeling job.

Check with your local housing office in charge of titling manufactured homes.