My theory of the problem is when people stopped living in homes to live in and an entire industry was created around buying single family homes for profit pushed by thousands of get rich books, clubs, videos and marketing the RE market like a pump and dump stock, they created the mess proven by the fact that institutions are now players in the game.

Too small for large institutional investors and too daunting for casual real estate investors.

Or will the uncertainty and lack of CMBS have some exiting the MHP market (specifically the investors targeting properties above a few million and below the very large institutional parks)?

I give all my tenants the name of my banking institution the accountant and routing number.

However,  we also know and have experienced the great the benefits of having that corporate income, paystubs and W-2s to help us get financing from larger institutions to fund these acquisitions.  

I spent several years working for institutional investors, and for the most part they're looking at total returns over cash flow. 

Generally, the institutional lender expects to be in a 1st lien position so it's mtg would be recorded first. 

What confuses people is that some lending institutions make what are actually personal loans, qualified by individuals credit score and personal income, and disguise them as “business loans”.  

As a licensed agent you can bring institutional investor cash offers to sellers - and even market this way.

I don't think turnkey is for me, and apartment complexes that cash flow seem to be hard to find after institutional investors gobble up the decent deals.I'm considering relocating to Las Vegas/Nevada area, buying either multiple four plexes for 350-400K, or multiple single family homes via 1031 exchange then paying off the debt after the deals.