If high rates are your primary concern, you could potentially look around for a similar arrangement.

I am however concerned about the difficulty in having in obtaining a return of funds I’ve invested in the AHP Servicing fund.

That's great that the bank who currently holds the note wants you on 20 year or 15 year amortization, they view you as a captive customer, they don't have to earn your business any more, as far as they are concerned. 

Even if OP can complete a purchase in Cleveland with $23K, aside from valid concerns others noted about reserves, is the risky asset in a distant market really the best place to invest?

The one percent and 2 percent rule ive never looked at ... cap rate is .. meh .. its there - what im most concerned with is the price of the home relative to comparables and cash on cash to start.   9)  I look  the other way if it is a multi unit that is not separately metered - thats always one of my criteria here in pgh as there are a lot of older homes and a good portion you wind up worrying about who will cover utilities.  

The demand for affordable, shared housing is strong here, so filling vacancies shouldn’t be a major concern.

Now that the 90 day deadline has expired and we haven’t received certified equity nor an update informing note holders of their status, concern is definitely growing. 

They remain available to assist investors throughout the investment lifecycle, whether it involves refinancing options, addressing financial concerns, or facilitating future funding needs.

Purchase price: $150,000 Moved mobile home on bare land What made you interested in investing in this type of deal?

I'm strictly concerned with ROI and how it looks to potential buyers.