It is across from a golf course, so that offers some unique marketing opportunities.The Plan : Refi after 18-24 months ( BRRR ) and keep the park long term.Improve the site, clean up, minor landscaping and painting of the exterior of the park owned mobile homes.

Your total expenses look low when Vacancy (5%), Maintenance & CapEx (15% combined), and Management (10%) are figured in.

There are a lot of variables and combinations that may play into it but again as I said everything is negotiable.

It is across from a golf course, so that offers some unique marketing oppurtunities.The Plan : Refi after 18-24 months ( BRRR ) and keep the park long term.Improve the site, clean up, minor landscaping and painting of the exterior of the park owned mobile homes.

Offer something unique with your rental if you have to, but it's just 1-3 people you're trying to get to rent from you out of all of Chicago, you're not going to have near the problems like someone trying to keep 500+ renters in Chicago during a recession.

I'm not too concerned with calculating PM costs into it until later in life when its either paid off or refinanced at a lower payment.All combined the leverage would be a conventional loan for 80 percent and a HELOC for the other 20, none of my direct cash.With all that in mind, the following questions come to mind about whether this makes sense or not.Technically, if I'm using the HELOC completely or majority of the purchase, would that mean my CoC return is effectively much higher since its not my own money (directly, I know its my equity) as long as I don't make my own payments on the HELOC?

Now you're looking at a combined $300-400k equity and you can buy a nice size building/complex.

@Jacob Kline and what I mean by “calculating #s off of the payoff from contract price” is that I’ve got a purchase price written in the contract as: “Buyer and seller mutually agree that the purchase price will be the combined of payoff plus $amount net to the seller”

@Carolyn Hodo both of my parents combined have a really good income, but my mom doesn’t have credit and my dad had some medical expenses that ruined his great credit score.

It is not Income, it is typically a combination of "equity" (CIF - Cash in Fist) and "debt" (loan - HML, PML, traditional bank).