The one-way road example holds true.

@Brendan HallisseyShort answer to your initial Q.Each of your payments, including the down payment, is split into 3 parts:interest (taxed)principal return (tax-free)capital gain (taxed)So, in effect, you start paying capital gain taxes right away, but it is spread over 10 years, using your example.To your follow-up question about a default down the road: forget about it. :)  The tax consequences in such event will not make any sense to you, even if I tried to explain.

It got me to 10k/acre for 18 acres -$180,000Infrastructure- roads, water and electrical (MHP established 2006).

I hope to not have to go down this road, but nice to know how it looks if the scenario ever arises.  

After I got a few of these I flipped the service 180 degrees and simply lease-mandated that any house that had grass length approaching the Lucas County / Toledo City 6" limit would get a 24hr notice from us and then be mowed by us with a $50.00 fee applied...tenants could call and have a scheduled basic mowing performed for $25.00 if they didn't have a mower or the time to mow.Conclusion - the middle road decision was a good idea ultimately, that policy has survived three years now, no problem.

Add in a dash of his buddies using the property to store a whole mess of crap they picked up off the side of the road...yeah, I officially HATE drywallers.

I'd recommend to just spend the money and meter all the units individually and change the lease as needed; higher cap-ex for now, but it'll be lesser headaches down the road. 

Ten years down the road, rates could be much higher than they are now. 

I think I would go with something middle-of-the-road like this:http://www.homedepot.com/p/Amana-4-8-cu-ft-Electri...or http://www.homedepot.com/p/Frigidaire-30-in-5-3-cu...I always look at reviews, which these seem to have plenty of good ones.I like flat-tops and self-cleaning.  

@Rachel Trimble and Mark Luchsinger, as much as I would truly enjoy getting on any of Austin area roads and not sitting in traffic, quit trying to give our potential rental leads to Utah.... :) Happy New Year!