The requirement to do this generally involves an experienced GC signing on the borrowing entity as a 20+% owner thus making them a signatory on the loan and responsible for the debt which in most cases is not very easy to find.

The 1 mile income radius could be misleading in either way to the positive or negative if the property is on the right or wrong "side of the tracks" so to speak.The 80% occupancy, if it's solely due to the mismanagement of the current owner could be an opportunity. 

All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

I’m an investor and the owner of a property management company based in Kokomo, with portfolios extending into the Indianapolis area.

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Hi, I am the owner of DealMachine.

@Jared Haxton You are not going to be able to do an owner finance transaction without paying off the existing loan.

For example in many jurisdictions I can STR units in a duplex but cannot STR an ADU (some jurisdictions will let you STR if you owner occupy).

You paid the property owner $40,000 in rent.  

The first apartments I rented as the owner, were previously rented by the former owner at $150 month including utilities.