I like the additional revenue for sure.

Yes, it's clear now.I'm buying a house with all cash I have to reduce the price (to have the biggest possible gap between the purchase price and ARV), then I'm planning to do the cash-out refinance to purchase another property and use the income from the first to pay of the mortgage of the second.

It is a popular vacation spot for a long time and could produce good revenue for you. 

I have found working with appraisers to be the biggest wild card, glad there are some investor friendly folks like yourself near by. :)

We are also concerned about post covid revenue, will the popularity of big bear decline once travel becomes more common again.

My biggest surprise ever in this arena was learning that the depreciation on mobile home parks with reasonable leverage is well over 100% of the invested equity amount in almost every case I’ve seen.

The downside is (1) compared with residential, comps used in appraisals are nowhere near as accurate, so the income approach is heavily relied on, which can produce huge swing in “valuation” depending on cap rates, interest rates, revenue swings, expense costs.

I'm now getting ready to start kitchen followed by the biggest project the bathroom.

They should have open communication and want to help you protect one of your biggest assets; your property.

I think the revenue would be a little better than renting by the room, but you'd have to research your area.