Mainly, I want to be able to provide a comfortable life for my family while still being able to spend quality time with them.I have decided to throw everything I have into the Real Estate industry.

Those properties, with a lot of deferred maintenance, the high likelihood of more transient renter pool, and relative difficulty finding high quality management at that rent price all point to a property like this tending to bring the most risk, especially for out of state buyers. 

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I'm in San Jose working with a youth corps programs that is starting to do Tiny Home construction and we are reviewing all the regs etc for California -- the hope/goal is to make quality homes to service our homeless population then the community then eventually FEMA etc...These will be on trailers - Our approach will be to approach members in the community who would like to have the extra rental income by having on elf these on their property -- no doubt there's a lot of hurdles ahead of us but we have a record of building/construction - the challenge will be the market and regulations  which I guess always is the case....

Both of them are offered as value-add plays based on a light reno which is supposed to result in rent increases of $115 to $150 per unit.I have my own thoughts on where I want to be in terms of property quality but I wanted to see if any investors local to the area or knowledgeable about the area could offer any opinion on what class these two neighborhoods/areas are and which of them would be more resilient in an economic downturn.

I can tell you from experience underwriting deals for a number of institutional and semi-pro investors that they have achieved IRRs greater than 15% and yields greater than 8% in markets like San Francisco, LA, NY, and DC that advertise 4% cap rates.Markets with low cap rates typically share the following characteristics:1) Strong rent growth, driven by2) Strong population growth, driven by3) Strong job growth4) Low vacancy5) High per bed rents (lower operating costs as a percentage of total rent)6) Good property management options7) Higher quality tenants (young professionals like myself will rent in SF until their late 30s to early 40s)To achieve returns in these markets, investors buy buildings with significant value-add or development opportunities on very low to no leverage (debt), and refinancing the deal after stabilization to cash out.

Also the podcasts are excellent.

I also use it as a way to track every receipt, it has an ARV section, I have a cabinet budget tab, scope of work sheets… I love Excel!!

Finding a quality buyer / tenant for your MH is your problem, then will the office approve your prospect in a reasonable amount of time???   

We have excellent credit, other properties with equity, etc., I just would rather not keep all the conversion costs in the property for a year.