I think I like a HELOC better than a pure loan, as it is there only if/when you need it.

Buying property for appreciation is like hearing from a "friend" that is stock is good--buy and and make tons of cash...PURELY specualive and not what any RE investor would do...

Conventional loans need 20-30% down, and then would allow a property to be pure rental with no owner occupied requirement, and less restrictions for the property.

Here's a simple SFR as a buy n hold property. 20% down all numbers are guesstimates for the area (property taxes and insurances etc) the rehab will be purely cosmetic (hypothetically) Just want to get some different views on this.

Flat Pure White ceilings, Eggshell Agreeable Gray walls, and Semi-gloss Pure White trim/doors is very popular right now. 

So you need to find a property where the price is justified by the rents, which means learning how to analyze a multifamily property as an operating business (which it is).There may still be properties out there where the high rents justify the high prices, and the property can still cash flow - usually because you can get a low interest rate mortgage that keeps the mortgage payment just low enough that you can eek out a profit.But you'll need to learn how to do that analysis, to determine which prices are still acceptable given the rents, and which are so high that you're setting yourself up for a potential negative cash flow situation.As far as it being owner occupied / living in one of the units, you're not counting the fact that by living in one of the units, you're also not paying rent somewhere else, so you get a personal use benefit which does save you money.That can be hard to calculate though, so what I usually recommend to people is that they analyze a multifamily that they're going to live in, as if they're not going to live in it, and instead rent out the owner unit at market rent.That makes it much easier to analyze as a pure investment, and compare it to other properties, see if it's cash flow positive or negative, etc.And as an added bonus, someday you may want to move out - either to a single family home or a different multifamily house hack.

From a pure build perspective, the house is unique and has some details that a certain segment would appreciate.

And to provide some context, no, this is not how I evaluate deals, this question is purely for discovery what others in the Chicago market are seeing.

According to him, the park has never kicked anyone out for purely age of trailer and no real intentions of doing so.

If it's purely a deposit dispute, and not a specific performance claim, you should be able to continue marketing and selling the property to someone else.