Hi Kenny:I myself am relatively new to Mobile Home Park investing, but I have spent the last 8+ months in a deep dive educating myself, from the Mobile Home University boot camp, to listening to every podcast under the sun on this niche, to reading books, blogs, etc. 

What I'm also deep dive is figuring out the cashflow part.

These cracks look deep and not something that can be fixed with cement.As a side note, it looks like there is likely leaks in between where the slab and wall meet so on top of doing significant foundation repair, you'll need to install an interior or exterior french drain.I am only going off 3 pictures so I could be wrong but this does not look like a cheap and easy issue to fix.

My apts are the new red buildngs across from campus...I think we might have been building them when you were there. 

With that said, there are many areas that will feel a DEEP depression like Detroit in 2010.

I have been accused of making things black and white, but I find it much easier to come to a conclusion if I can keep gray to a minimum.With the 'dumbing down of America', it is getting more and more difficult to have any type of deep discussion regarding philosophy, reason and theory.We are living in a 'bumper sticker' society.

I'll try and be careful, but even black burn marks would look better than the white blotch of paint on the old red brick.

You remove a little bit of administrative red tape.

I know you meant to include it, but for others reading, you need to subtract out rehab cost as well in coming up with MAPP.On selling costs, be sure to include agent commissions, settlement fees (deep prep/transfer/etc.), and factor in the potential for seller concessions (FHA buyers with minimal cash often request 2-3% seller concessions to cover their closing costs, and can ask for up to 6%, per FHA).Don't assume you can necessarily gross up the sales price to recover these concessions, as the property has to appraise out.

Red cross helped out tenant...tenant is very pissed had to move after just moved in...requesting more than deposit.