I should also note that the volatility is almost exclusively in the negative direction - things can easily go much worse than budgeted, but they almost never go much better than budgeted.

Account Closed  that's quite a robust underwriting critera.. if someone makes all of those points they probably don't need to borrow money.. they all ready made it  LOL.. although I easily do but on occasion I will borrow from private or HML when I have my bank lines maxed out.. rates are dropping like a rock too for hML on west coast..

The margins can get really small and easily go negative.  

Let the ARV be the filter, not how much they owe on it.Excited for you taking action, don't want to see people lose their shirt on deals because of something simple. 

Use one that has an easily changeable code.  

(I could not justify paying a $1/sq ft for painting when I can do it myself rather easily, it would have added several thousands of dollars to my cost)My long term goal is to do a cash out refinance in 24 months to pull out most of my capital and repeat the process. 

This is a smaller park with only 5 trailers but after talking to the sellers it seems like it would easily cash flow every month.

I guess one thing is weather or not they say everything is OK you still go in for inspection. excuses are need to photo graph elec panel for insurance, need to check filter on furnace, need to check something that makes sense,,, Nice to do within 3 months and at least get your nose in the door every 6. 

Look through cosmetic problems since you can easily remedy these and other buyers may not bid at all.

There is no pre pay penalties and I can handle the monthly payments easily.