http://www.flhsmv.gov/dmv/dealer.html"Florida law states that any person, firm partnership or corporation that buys, sells, offers for sale, displays for sale or deals in one or more mobile homes in any 12-month period is presumed to be a mobile home dealer and must have an appropriate license issued by the State."

All that said, I vote for 12-13% cap on a small C multi, which would incorporate the cost of professional management/leasing (whether used or not), at least $350/unit/year of capital reserves, turn maintenance expressed as a function of the vacancy rate and average tenancy (i.e. $600 per turn, which if assumed to occur every 18 mths, then turn cost averages $400/yr), and other repairs/maint at 5%/yr.

I've been facilitating short sales for investors for the last 4 years and the right partnership can be beneficial for all parties!

As we are still in development we want to understand what would be key functionalities contractors would need to have on the site in order to make their lives easier. 

If you have a partner, you can use the equity business partnership to obtain a line of credit for each partner.

But on a spec build, I think you will have to give them a partnership in the profits as Jon mentioned as the risk is greater than an already built flip.

Your entity choice is going to be heavily dependent on many issues including:*your other sources of income*retirement goals/retirement plan contribution goals*partnerships/lending/source of equity*your tolerance for recordkeeping, handling legal requirements, etc.

In a way a war zone landlord is an extension of the government having to take care of people that in many cases cannot function and take care of themselves.I do have some clients that will go 10 or 11 cap for occasional crime on the fringes but in a decent area and then some that want 7 to 8 cap for a better area.

Unfortunately, with even a really cheap multi-function scanner/color printer, and some easy-to-buy software, it's almost impossible to prevent fraud like this.

Biggest thing in my opinion is the functionality of the space.