You can find some excellent deals in "sketchy neighborhoods" as you put it. 

I'd suggest reading and learning as much as possible in these forums and building your own calculator in excel.

You might also check out @Whitney Sewell’s excellent podcast, The Real Estate Syndication Show. 

In that situation, the dwelling unit is never disposed, and that is the essence of the dynamic you're trying to examine.Now, with the situation at hand, you're talking about a lot more than just scrapping the mobile home, so the optimal answer given the facts and circumstances would depend on a conversation with a tax advisor who excels in this area. 

Only potential candidates that meet the criteria should be selected for a background check.

We both have excellent credit scores.

John,Another way to look at it is to crack out the excel sheet and break down the financing.  

My advice for selecting a market would be to use a site like datausa.io to research a few major metros that you've heard good things about.

.- Implemented defined tenant selection criteria.

The rents were substantially below market and we identified significant arbitrage opportunity through select unit and common area upgrades, leading to rent increases and reduced operating expenses.