We decided to test the market since Nashville was booming, and we listed at 215k, and got an offer the same day for 225k.

Do you think it is worth "testing the waters" on rent (making it little higher) and if no one applies then lower the rent after a couple of weeks on the market.

As far as renting it, do I need to verify (test) if it does or not.

There is a reason it takes 2000 hours of on the job each year for four years and 243 hours of schooling for four years just to test for the Journeyman license. 

@Martin Munoz this doesn't pass the smell test. 

The only way for you to change that is to contribute more into your 401k or pretax deferrals that qualify as a reduction to your AGI and wont bring your MAGI at or above the qualified limits.Your other bet is to become a real estate professional to deduct all passive activity losses if you meet the two tests of 750 hours for the year and working 50% or more in real estate activities.

Yeap....those properties would all fail this beloved "50% rule" test too Charles.

We have come up with a very simple formula to "test" our auction price (this works in Chicago only and for us only).

There are value add plays where you can increase equity but they are much more intense in scope of work and do not qualify for conventional lenders most of the time.A fully performing property will be able to get lending easier.

I would then make a suggestion that you work together in selling some of the park owned inventory, to test the waters, before you can make a decision to bring in any homes.