You did not share what the seller's pricing expectations were, but as an example, if you buy the park for 200k and spend another 200k getting it to the assumptions above, there is not much equity left in the deal. 

For example - You acquire a NPN note in $60K while the UPB is $120K.If you insure per UPB, does it matter if the house BPO is under or above water (meaning, per the example, if the BPO is $100K or $150K)?

I looked a few PPM as examples of how voting rights and ownership equity should be allocated to LPs vs SP.

For example, that 515K house, would actually be up for sale are 50K.  3 years ago houses were extremely cheap, similar to what is happening in San Jose.  

Basically, to summarize my concern, I just worry that history may repeat itself - to cite a local California example - prices ran up a lot in the run-up to the Great Recession in core markets, and pretty soon everybody was buying hot properties in Stockton and outside of Sacramento.

So for example, is there a Canadian version of an FHA Loan or a 203K Loan?

On their example page, it's pretty clearly laid out.

Then you have a lower payment and no pressure to ever refi out of it or just fax and sell and payoff and repeat.In you example if the sale price was 100k and you needed just 10k for rehab then it a 110k transaction which means a 15% down payment is 16,500.

Like more example, has anyone noticed if average church attendance in a given city or number of parks or something else that's usually not factored in correlates with quality of tenants?  

For example, if your house is worth $100k you could borrow up to 80% total, or $80k.