However, many times its just not practical or cost effective to put the work into it because in many cases its not easy to do.

Standard offer process.How did you finance this deal?

Starting with three T-12s from properties of a similar size and market is a fantastic strategy, and I’ll definitely take your suggestion of setting aside time to really dig into the details.Thank you for the encouragement and practical tips—it’s advice I’ll take to heart as I move forward.

@Kendric BufordRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Adam OrtizRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

As long as your project complies with local zoning and design standards, you can expect faster approvals.4.

Just seems like an odd business practice to shovel everything under the rug.

After 1976 trailers were considered mobile homes and standards were upgraded.

Is this structure standard, though, in terms of capping investor returns at 12%?  

There are a high number of CPA firms that do not want to get involved outside of the FYI to their clients, and some state boards are saying that a CPA advising related to this registration is an "unlicensed practice of law" given it is not under Title 26 - income taxes - the only place where CPAs and EAs are specifically authorized to interpret law.