In addition to the thing you mention you have to allocate money for big capital items, CPA fees, legal fees, an ugly eviction and other gotcha's.Small loans like this can be hard to get.

I lost money for several years and eventually donated the building to the church next door to convert to a halfway house to help former drug addicts get the help they need to recover.I would like to eventually own some apartments as a long term investment.Seeking to network with successful real estate investors and eventually reach my real estate goals by helping people rather than taking advantage of them.

New laws are causing MH dealers to pull thier hair out, better have an attorney check what you want to do.As to maintenance and ARV, MH crap, like some stoves, hot water heaters, bath tubs are built just for MHs, so if you are replacing with stock items you need to become familiar with those prices, but often you can improve with real home fixtures from the box stores. :)

Last week I asked my peeps for $10/unit donations for wi-fi and got two pledges.

Bruce,Good news...I would recommend doing a lease with the option to buy on the home for up to three years, you will get more money for rent and because the tenant/buyer in their mind is buying the home at the end of the term they will take better care of the home and you can ask them to take care of all of the maintenance and repairs which will take you out of the landlord role.Also a home warranty can be purchased form American Home Shield monthly and it can be added to the tenant/buyers payment and they pay the deductible so if the A/C goes out it is covered as well as many other major and minor items in the home.Call me any time.Marv Rousselow

Scotty,I would do a walk through and if there are items the need to be done that would affect getting their deposit or part of their deposit back, you could let them know if they help you with a renter by them showing the home you will give them their entire deposit back.If you have a good relationship with the current tenant you may not have to make that offer, speak to them and see where you are at.How long do you plan on keeping the rental property?

You've left out a number of items.

This of course is within the FHA loan limits of values; it is not as prevalent in the higher end markets, though they too are experiencing some valuation increases.Interest rates being low is only one item, lack of inventory, previous short sale victims now at 3 year mark after short sale, thus qualify for FHA loans again, and many other factors are driving this market and it should continue for a while until the market shows signs to the contrary.

I will keep you guys updated.I am also going to get a quote from the Duct work company and the heater company to replace these items.

So probably there's enough left over out of 10% to cover big CAPEX items that will come up over time like roof, AC condensers, hot water heaters, and so on.