Would you reward tenant patience?

But the seller probably won't sell it that cheap.Then you look at what the replacement cost is. 55 lots x $15,000 + land = around  $1 million.Then you go to the end of the movie and work backwards so 55 x $190 + 300 x 12 x .7 = NOI $90,300 so it's worth about $1 million.Since most people on deals like this want to make at least double the value of the park, then it looks to me like the most you could pay is $500,000 less all needed cap-x (assume $100,000+) so a range of $150,000 to $400,000.Then you look at the risk to get to that reward and it would be 1) buying homes to fill the vacant lots, coupled with renting or selling them 2) any cap-x the park needs since it has been poorly maintained 3) obtaining and retaining financing due to the low occupancy and poor condition 4) negative cash flow until you get it in a condition to cover the mortgage (based on what you pay).The wildcard on this park is the lot rent, as $190 is really low in when the U.S. average is roughly $280.

Its just good to weigh the risks with the rewards. 

(For this reason, you could consider asking around for a first-position HELOC from a local bank, erasing the issue of collateral.)I use a first-position HELOC because the reward, as I see it, is the greatest of all options.

I’ve heard of numerous stories about this on the coasts, but haven’t seen much of this in my area or the Midwest in general as of yet.

People keep renting to it when their credit report shows numerous short-term addresses? 

Owning a fully paid for home is ultra safe and low risk, however with that low risk also comes lower financial rewards. 

I had asked numerous friends for their recommendations on property managers, but they tend to struggle with them like I do.It’s these experiences that have always left a bad taste for real estate in my mouth and have kept me from trying to learn more.  

It took me several months working around all the nooks & crannies of a pre 1960's building & there were numerous visits & inspections.

If you find out what will be rewarding for YOU, you will love it and continue to do it.