Significant and sustained population growth leads to demand exceeding current supply, causing prices to rise until there's a rough balance between sellers and buyers.

A syndication was way overkill because there were only 5 capital partners so they customized an operating agreement with their attorney that outlined roles and responsibilities, distributions, membership interests, etc.And you don't have to have all this stuff figured out right now; it's very customary for us to assign the contract to whatever customized entity we end up forming.Just one caveat. 

My friend also owned a rental property in the same community so I figured it would do well.How did you find this deal and how did you negotiate it?

When I shared the success story that's all that was - maintenance of course you have to factor in but on the raw deal over 4 figures in net cash flow is very good (at least to me). 

Its "in town" and should be a premium MHP but its also pretty rough.

I will be living in the guest house, while renting out the main.Both units are without washer and dryer units, my question is, do I supply them in the main house; or let potential tenants figure that one out?

The units were in rough shape before we worked on them, but after the work was complete it turned into a good first investment.

That comes to roughly $616 a year in interest to borrow that money from the house.

@Levi Ballard - you figured it out, I'm busted!  

They wrote me Commercial policies with high limits....only $100 mo roughly, never had a problem.I would just ask the company that handles your current home's insurance....some will do STR insurance, some won't.