@Cole Bossert I think @Sarah Kensinger and others have touched on the biggest qualities, especially communication.

How about repairs ?  

Today it has doubled in value with only about $75,000 in repair money.

Specifically, under a properly structured Trust the following limitations will apply during the period that the property is held by the Trust: (i) the Trust cannot raise new capital; (ii) other than in the case of a tenant bankruptcy or insolvency, the Trust cannot renegotiate or modify an existing loan nor can the Trust refinance or enter into a new loan during the period that the property is held by the Trust; (iii) the Trust cannot renegotiate or modify its existing leases or enter into new leases other than in the case of a tenant bankruptcy or insolvency (in the case of a Trust that adopted a master lease structure, this limitation applies to the master lease and not the underlying third-party leases); (iv) the Trust cannot reinvest the proceeds from the sale of the property; (v) the Trust cannot modify or improve the property other than undertaking normal maintenance or minor non-structural repairs; (vi) the Trust cannot hold its reserves other than in cash or short-term obligations; and (viii) the Trust must distribute all of its cash, other than cash held for normal reserves, on a current basis.

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

One of our parks is 60% POH and in my experience the only way that park pencils as well as it does is to get through all the major repairs, get the homes 'right' and then keep them 'right'. 

My advice would be to partner with someone who has additional funds so you can buy something that is of quality. $8k won't get you anything in a class B or A market with 20% down or even 10% down. keep going though!

I have extensive experience there doing about 500 deals , thousands of repairs/ renovations and move in and outsAll the best 

You will learn the cost of maintenance/cap ex and how tenant quality plays a big role.  

I'm thinking of maybe just lumping them into a category under repairs or something but want to see if others have a It sounds like categorizing deductions under a ‘repairs’ category could work as a temporary fix, but it might not give you the full accuracy you’re looking for long-term.