This means that a tenant has much less other choices to move to more optimal locations because I already have one of the best spots available in the area.    

That will still scare away many potential buyers and will depress the price you will be able to achieve. 

I think before you start trying to figure out where to invest you should think about what your goals are, and then develop a plan to achieve them.

Welcome to BP @Scott HarperGreat achievement.

You should get an property condition assessment to see how much capital you need to bring it to at least warm shell, reach out to a local broker and pick their brain on the market, achievable rents, commissions, tis, and sales comps.

(http://www.biggerpockets.com/forums/223/topics/194...)Anyways, I've always thought it would be awesome to get into real estate investing to help me achieve financial freedom.

Or are you trusting the management company's information on what they can achieve in terms of raising rents.After owning and managing over 2,500 apartments the last 10 years it has been very difficult for us to make money on c class deals in c class markets because unit turns, vacancy, concessions and bad debt tend to eat up profits.

If you're into mobile homes, you already know the kind of cash flow you can achieve!

Hi BP Community:

I'm looking for some of your best practices around lowering the expense ratio for units/SFRs. Let me (us) know what has worked/what hasn't worked.

Thanks,
Rich

Whatever you do, I would suggest a hurdle where if you achieve X% return on investment then all dollars after that are split at a more sponsor friendly split.I do agree with Lew that you are better off getting ahead of the conversation on the arrangement now rather than later.Best of luck!