Since the LLC did not make any money in 2016 (year one - only expenses), how would the income portion be treated?

Also on a side note, most lenders will only count the lot rent portion of income from park owned homes; however, there are strategies to work around this.

Once you buy right (toughest part - the acquisition) than you work on making things work in your favor IE. manage very carefully, have a network of people to turn to who will not rip you off assuming you won't be doing the management yourself.IF you can fully manage and do repairs yourself than that is even better as you won't need to give up this portion of expenses which will in turn boost your return so you are a step ahead.

Yes, once you become self employed or live off a portion of your passive income...you are best to move to get commercial loans.

I am really looking for the automation portion of sending them invoices, applying late fees. 

Got a couple questions about the rehab portion on the HUD in a delayed financing scenario that hopefully y’all can help me understand:1) does the work have to be performed by a contractor (similar to how an FHA 203K loan works) or can you do it yourself,2) does the scope of work have to be line-itemed or is it just a bulk amount for the whole shebang,3) in the event that the sun, stars and the moon all aligned and Mercury just happens to be in retrograde and the rehab actually came in under budget (say, $30k put on HUD for the rehab and it came in at $25k all said and done), is the excess amount returned or just what happens in that scenario?

So they hired a very good law firm to go at it with not only the state but we needed a neighbors portion as well.. the neighbor of course lawyers up..

If your estimated numbers were accurate it would be a poor income however you have left out a huge portion of expenses typical of a rental property and as a result your cash flow will likely be negative.Try it for a year or so and then decide.

@Alex Sanchez Don't get so caught up in all the "business" portions of the job or you will just kick tires and never find a deal.

If all goes well, I hope to rent out my portion to a new tenant and keep the building for at least 5 years to one day sell tax free.