You would never assume 100% vacancy so even at a modest 10% for vacancy, once you throw in $700 in property taxes, $300 in insurance, $1200 in yearly HOA and assuming 10% in variable cost PM you would be lucky to pull a net operating income of $630 however cash flow once debt service is accounted for you'd be more around the $100-$150 range a month.

Before proceeding further, I am curious to know if any members have any experience with either one of these companies or can shed some light on their operations or reputations. 

The story, which involves getting into the deal (which was supposed to be a bridge loan), a would-be mentor who was operating under an assumed name, discovery and legal bulletproofing, and 'partners' in Buffalo has taken about 9 mo to work out so far. 

The benefit is that the funds can be liquidated to cash so that they become FLEXIBLE and can be used for anything (marketing, payroll, operations, office rent, etc)...not just acquisition or rehab like traditional real estate funding sources. 

It seems the cost of re-financing the mortgage is a gamble as to whether I could re-coop those costs by going this route.Has anyone been in a similar situation, or have any suggestions on how I could get started?

Have you verified that this is a legally operating park ? 

Operate from there, then move to the next higher cost of money source and go up the ladder as you need to, then payoff obligations going down that same ladder. 

Thanks guys, just wasn't sure how the big banks operate.

Determin net operating income (NOI). 4.

I want to impress upon real estate investors that there are no certainties only probabilities and to assess the probabilities you have to consider the macro as well as the micro...investing without probabilities is gambling.