The counter review staff are not sophisticated land use/planning experts, their job is to review the engineering acceptability of what you're proposing.

Underwrite how you want, but I can tell you the VAST majority of sophisticated and successful MHP owners do not underwrite rental income to the parks NOI; it usually significantly inflates the value of the asset.

Hi Chihero,Don't forget the SEC requires the PPM to have a "Prior Performance in Raising Funds Table" and an "Operating Results of Prior Programs" table that all investors must be given.Also the SEC assumes Accredited Investors can handle losses if they occur and Sophisticated Investors can asses the risk for themselves.These opportunities are not open to the "General Public" for those reasons.

When the rent is below market price, it gives a perception that something is "off."  

Also, we generate new investors via our on line platform, and these are sophisticated people who are conscious of the market out there.  

@Chris Taylor for me it was all about perception from other people, including family.

It seems like larger apartment buildings are generally better maintained than SFHs and are a bit more turnkey (although this could simply be an error in perception on my part). 

Specifically, are they a sophisticated seller with the means to maintain the note that will result from the transaction?

Or in my case, all of 35 than half of 70.In my experience, sophisticated partnerships that do not bring complementary skills to the deal turn into a mess.

Seems to me a lot of big players spend 6 figures per month on sophisticated marketing campaigns and dominate the market with another smaller group who do a few deals a year followed by about 90% of "wholesalers" who don't do anything.So I'm curious, why wholesaling?