At first I denied all these ppl but as I sit here with no prospects, wondering if allowing someone to rent out the space, sleep in the van at night would be an issue?

I think a lot of people don't focus on the financing side or what it takes to get a deal done but that is everything  It is also one of the more difficult parts to understand.We didn't run into seasoning issues but it was because I had owned it for a year by the time I got the construction loan.

.: I would highly suggest buying an existing community, it is almost always easier and more profitable unless you know what you're doing. logan the issue on the West coast is parks are treated like investment grade props and sell at a very low cap rate even in this interest rate environment. 

The issue with good people and landlords that do it 'part time' (as is the majority) is that we want to apply our 'good' ethics to a situation or person that doesn't follow these same ethics. 

I'm originally from San Francisco and ran into the same issue.

We have another property with CMHA and havent had any of these issues.

So if they had a 25% cap and were at 25%, then you are out of luck.With that aside, you also have to check with building department as sometimes they may not allow permits to be issued for some of these conversions as they do not meet code. 

The issue I have with the premise is that Zillow and all the aggregate sites would not exist without MLS.

If not, could risk constructive receipt issues. 

If the SF's homes work out as planned just 10 homes @ $600/mth in month 61 will be producing $6,000/mth cashflow with NO maintenance / landlord issues except evictions if tenant buyers don't pay. 50 homes $30,000/mth.