When I was analyzing deals in the Private Equity sector, I saw everything from 26% - 42% IRR needed depending on the size of the company managing assets, additionally how many Management/Fee company's are factored into the business model and at what point in the expense model they're collecting fees.There are payroll, Marketing, Office space, etc... now a part of your business model, acquiring an asset for cashflow becomes a small part of your equations. 

As that money comes back I just reinvest it.For the mobile home park is there additional opportunity to increase income.

In addition to the lease agreement, do you also have a list of house rules?

This entire additional investment was just under $150K.

I think there will be a demand for more homes that won't be met because of the price range and people will have to commute.This will add strain to an already challenging price range- additional demand.

My strategy is to fill vacant lots with POH then you aren’t paying for that additional cap rate but rather creating it. 

I may just consider approaching this as a sole proprietor under a DBA company name without the additional entity.

If this works well, I would love to get a multiple family property in the area also.In addition, if you know any good lender that can give me a good cash-out refinance rate, please let me know.

Just to let you know an additional thing you need to do is to keep some of the material used in case you have a repair later and using the same material assures you on the color whether it is still available or not.You are going to love this next statement. 

We are exploring options as far as straight rezoning in High-Density Residential or working through the PUD process to gain an additional 20+ units. 40 are use-by-right within the zoning.