I have the opportunity (and cash) to lend 33K on a mobile home that is worth 37K. 

If we come across some cheap flip opportunities that would be very beneficial. 

Let me know if you have any specific tax questions.Just so you are awarePA does not follow the federal guidelines for 1031 exchanges(does't apply in your case if you are flipping but i thought i'd let you know if you were thinking of alternative exit opportunities).Also PA does not recognize NOL's at the state level for individuals.

Once all the practical value-add opportunities have been taken advantage of, and one wants to sell their apartment, who is the end buyer that is interested in a non-value-add apartment complex?

Dan Toledo is the land of opportunity when it comes to rentals.

@Sidney AuldsWhat I am really looking for are strong value ad opportunities.

Also from the investor's standpoint I think it leaves a lot of opportunity on the table.

I’m interested in 2-4 MF with a value add opportunity in C-/B areas owned by mom and pops in artsy LA areas 

I'd suggest running the numbers as a stand alone opportunity - find that price & offer accordingly.

Chris:Based upon your post above, I personally would pass on this "opportunity".The owner already has {potentially} $36,000.00 worth of other leans on the house - not counting the tax arrears.