At this point, you would want to realistically assess your chances of moving quickly through a court process and the court being reasonably neutral in judgement.Some states will be better than others.

Additionally, they can go up at anytime or you may get hit with a special assessment, which can easily wipe out months or years of profit.Due to the price point, these units are unlikely to make good rentals.

A few ideas, all of which require research and feasibility assessment as they depend on local regulations and/or affordability / demand in your market:1) add additional lots by developing unutilized land2) add storage space / shed for residents to rent for a monthly fee3) offer a cable or bundled cable / phone / technology package to residents; buy services at wholesale rates and sell to residents at discounted retail rates4) adjust rents based on size / location / views/ambience of lots in the park5) bill back water/sewer/trash, where applicable 6) offer billboard/advertising space if your park has decent traffic visibility7) lease space on property for cell tower operator 8) cut grass on residents’ lots for a fee9) paint/wash/skirt homes of residents for a fee10) fill vacant lots / vacant land with area for long-term parking for boat/RV/equipment 

They wanted $165,000 I offered $135,000 due to the assessment value and they countered with $138,500.

I'll give the for sale by owner lead to anyone who may be interested.I'd still like some help assessing that property we are renting by the room.

That's as comprehensive of an overview as you'll find anywhere on how to get started with limited money.WIth only 5K, I'd recommend finding a partner to work with on your first few deals - you're otherwise not going to have enough to do much.

Thanks.Asumptions DISCLAIMER: This is a quick assessment comparison only.

They may or may not find out through some kind of building department - assessor office connection, but sooner or later the assessor will do a re-assessment and it will come up, and obviously at that point you would not be untruthful.However I also don't see any need to proactively notify them of an increase in bedrooms as it will probably increase your taxes.

@Sheldon VicYou should look to see if an appraisal is required to get the step up in basis.If an appraisal is required you may want to see if an appraisal can be done where the appraiser would value the property as of 8 months ago or if an alternate assessment date would work.

With that being said I am wondering does anyone know how the HOA comes up with a fee assessment?