If you are that far below market rent, then you should consider terminating this lease and starting fresh with a new tenant at market rate.

Hi @Gregory Schwartz sorry I never followed up with you I was busy at work and I have decided to go somewhere else other than college station.

If you increase rents, if you go MUGS and put the utilities, if if if ifHaving owned and sold businesses and 1-2 properties, I have learned that I do not want to pay for POTENTIAL, but want to pay for what it ACTUALLY produces.Of course the seller will want the max, and the real estate agent will also want the max, so will push for the Pro-forma or potential income.....and base asking price off of this.I find that my numbers to evaluate properties almost never work with the asking price (based off potential), but almost always work with ACTUAL value.

OK folks I have real world experience at this. 

Let's say you lend someone 100k at 11% APR, interest only payments and you charged them 2 points. 

It is illegal to discriminate against a tenant based on their source of income so I would advise against even mentioning this in any way shape or form.Are you qualified to purchase expensive RE?

Does anyone know of just as good a way to learn about this business without spending so much money??

As long as you are always realistic about the collateral value and the borrowers ability to execute the business plan, you can't go wrong. 

My plan is to fill the 40 vacant pads to get to 100% occupancy, at which point the park should worth $4M.

Going to the next level the difference in rate of return from appreciation at 80% LTV vs 0% LTV is 5x.