New builds are big, fancy, expensive apartment complexes, crowded with small units for high rent.

The complex is 15 units, 60/40 owner occupied and 2 of the units sold in the last year for 163k, and 165k.

@Frank Rolfe In the situation John Brinkos described above, it seems like he has two very different properties:  1. one park that is a strong performer with seeming low complexity (due to low POH %); and 2. one park that is a weak performer.In your experience, have you found that banks and/or agency lenders and/or conduit lenders are willing to lend on a portfolio of 2-3 MHP’s even though they vary widely in their characteristics and operating results?  

These projects are about as complex as it gets in RE.Repurpose a busking, renovate that many square feet,Manage that many subcontractors... bad idea.There is a lot that can go wrong on rehab projects and they always go wrong for people that don’t have a strict order of operations set up and a lot of project management experience.There are a ton of investors looking at Buffalo right now with back office analytics people.

You do not need the added expense and complexity.

For example, if you asked me to invest $$$ in your large apartment complex deal, part of my due diligence would be asking about your track record and prior success.

Curious as to whether anyone has approached an owner of an underperforming apartment complex and in-lieu of trying to buy the property, one offers to put up the money to do the necessary improvements and the project management work. 

The system in your car is essentially the same system, just weaker and a little less complex.

For instance, if your building is 50 units all 1-bedroom 1-bath next door to a very large Hospital complex that employees an above average number of traveling nurses, this would obviously dictate your business plan.

Regardless, it seems like this is too complex for me to ask about over the forums.