So do the math.)

Do your homework in advance and make sure you will be able to rent it for enough to make sense with your actual PITI payment, possible repairs, and other expenses. 

Just do your homework and you'll be fine.  

I'm rounding to the nearest thousand to make the math easier.Purchase price 67kClosing costs 2kHard money costs, private money costs, carrying costs 4k for 4 months.Rehab (private money lender portion) 20kOption fee we get back 4kTotal in 89kARV 120kLong term Loan 77k (84k is 70% of 120k but be conservative and say they only give me 70% of 110k)More closing fees for long term loan 2kLong term 2nd position private money lender 15k at 10%Total left into the property -1k (89k-77k+2k-15k)Monthly rent $1050Loan payment $530 (20 year at 5.5%)Taxes & insurance $120Investor interest only payment $125Cash flow $275 split between my business partner and me.Purchase price to seller 137k for a 3 year lease option.The tenant buyer came in with the 4k and asked if he could paint it and put the flooring in before we had finished the rehab.  

Do your homework!

Other things are homework for you to verify.If you think you can find a lender for a 4 pad park with old MHs, state the name of the lender in the strategy.

You can google it to get a better explanation or examples of the math.

@Jaron WallingBRRRR works but it's like a math problem and there are lots of variables.Can you get the money to acquire the property and do the rehabAre you buying it right (generally at 50% of the ARV)Will the work required to get it to pristine condition throw it over the max loan to cost (usually 70-75%)BIG ONE FOR YOU. 

I am mainly writing this for yourself and other people to pick apart my math and my theory craft.But I do have some questions about the numbers, and please correct me if I am wrong in any way.

I've also considered selling and rebuying, but it doesn't seem to benefit me when I do the math.