BONUS QUESTION: for those of you willing to answer THE question...

For bonus points calculate cash on cash by dividing the final component by year one cash in deal. 

I am buying a property in Orlando and it has a bonus room that can be converted into bedroom by adding closet.

Bonus points if you can get the land under valued, and have more immediate equity in the deal 

It’s been about 2 yrs now and I want to really seriously start looking into R/E investment, so I figured my first baby step will be to take care of this current condo and ensure that I am at least in a positive cash flow situation.My question is, I have about 20K cash in bonus from my day job and I am wondering whether I should put it down towards the mortgage on my current condo that way I can reduce my monthly mortgage payment, or use that money as a down payment on a new rental property.Thanks for your feedback!!

That way any upgrades would be a bonus, instead of something you may be counting on. 

@Ken VinguaInvesting in multiple states increases the complexity of your tax profile.There are no 2 states with the same tax laws.Some states allow NOL Carryforwards/Carrybacks, some don'tSome states follow federal guidelines for section 179 expense/bonus depreciation; others don'tSome states use Sales, Property Payroll as apportionment factors; some just use sales as an apportionment factor.You may want to question your CPA to see if he is comfortable doing the state returns that you invest in. 

I was able to move into the largest "bonus room" upstairs and rent out the other four rooms for $500 each, totaling $2,000 per month.

Or have someone (ideally a couple) that buys one of our homes and can oversee the park, and assist with basic maintenance/upkeep in exchange for free lot rent + bonuses/compensation.

and am wondering if anyone can answer a very small clarifying question that came up when I was checking out the calculator spreadsheets in the bonus content (i.e. the Multifamily Capital Expenditure Budget Algorithm and the Multifamily Repair Budget Algorithm).The end result from the calculators is called the "Moving Baseline Number", which is a term I haven't heard before - can anyone provide any additional context on why it's called that?