How much will this unit cost to renovate?  

Paying a bit more might be justified if the pro forma income is very achievable, but $360,000 seems too high unless renovations are already complete.Factor in the costs and timeline for completing renovations for the studio and the fifth park-owned home.

They're offering 5% for 20 years, no pre-payment penalty and the only cost is $2,100. 

Don't know how much renovations will really cost, again, either PM or GC conversations.  

Housing prices are high, mortgage rates are high, and competition is fierce so revenue is way downIt’s one thing if you bought a while back like many of us did, so your cost basis is much lower.

Most land bank properties, Detroit or Wayne County, are trainwrecks and cost more to rehab than they are worth - unless the market keeps improving.Be careful on the next one, but keep improving Detroit!

STAY away from them at all cost.

You don't always have to incentivize a tenant with a discount to get the tenant to stay, nor keep rents stagnant, but it is good to be aware of the business impact with respect to cost too.

Nights, weekends, holidays, etc.To keep this on-topic, though...DO figure out what's healthy for you to manage but remember it's a process where every experience teaches you good and bad (and be patient with that process).DON'T sweat the small stuff (damage/costs under $50, undisclosed dogs, etc.) but DO find a way to learn, prevent, put in better practices to maintain your sanity. 

Anything that is worth going after will more than likely cost you money in the beginning.