If the property is rented, examine the current lease documents, rent roll and rental payment history over the last 12 months.

We've grossed about $45k annually give or take, less expenses, over the past 2 years.

We've purchased many apartment buildings all over Louisiana and the most shocking expense to make sure you underwrite sufficiently for is insurance.

Then I ended up writing a book on multifamily investing, and told my wife I was in apartments for life (she was tired of all the restarts over the years!).  

I see a lot of people with experience in mobile home park investing on here, and hoping someone wants to give their $0.02.I am in Austin, TX, and like many other places seeing explosive growth and prices driven sky high, 50-100k over asking for SF homes etc.

However, with our current low interest rate and rental rates for our neighborhood we could also cash flow appropriately $1000 per month, keep it and allow for further appreciation over the next three years until we would need to sell to capture section 121 tax exclusion.

more than happy to talk over strategy and possibly help you find a different lender who can make this better for you.

Going over your numbers, have you considered a long term rental instead?

In our local MLS the year over year appreciation was a little over 5%.

He says the son is going to a local private school for the semester and when the semester is over the aunt is going back to china.