I usually just start high with my rent, until it hits a sweet spot.

So how do you spot one?

Since we have a gorgeous Turnkey property we are either going to be exiting or renting out up near Cal Arts. (5 bedroom 4 bath with a main level 2nd master full bath or home office) in a gated community with a pool.

Thanks Steve, you are spot on, but the part I am not getting past is how does your gut stand up in a court of law. 

Educate yourself on building codes, so you can spot a hack. 

it is on 5 acres of land at the top of a hill and if fixed up would be a gorgeous piece of property.

One block is run down, the next is Class B+, then back to C and back to B+ with some A class spots sprinkled in.

So you are spot on.Great questions.

My by far favorite spot in the south  at least the peninsula of Charleston and Old mt.

.-31 spots-16 septic tanks (two spots to each tank)-Lot rent $200-5 Tenant owned homes (TOH)-1 Park owned home (POH)-About 3 vacant homes able to be renovated-About 4 destroyed homes that need to be removed-18 vacant spotsIncome (monthly)-$1,200, not including the POH rent, only lot rent.Expenses (monthly)-Trash $400 -Environmental inspections for homes moving in $40-Street Lights $240-Capex $40 (Roads, Well pump replacement)(Still formulating what other monthly expenses there will be i.e insurance, management)-Total: $720Other Details-On well water-Individually metered for electric-No property management-About (1/3) of the park in a flood zone-Flood zone spots require a FEMA foundation (2k-4k to build)-Owner owns free and clear, seller finance is a possibilityI have been thinking about offering the following options to the owner:1. $100,000.00 Cash/Bank Financed.2. $118,250.00 Purchase Price, $10,000.00 Down Payment, 180 Month Term, $601.00 Monthly Payments, 6 Month delay in payments (In order to create cashflow).3. $136,600.00 Purchase Price, $5,000.00 Down Payment, 240 Month Term, $548.00 Monthly Payments, 5 Month delay in payments.4. $167,000.00 Purchase Price, $0.00 Down Payment, 360 Month Term, $464.00 Monthly Payments, 4 Month delay in payments.The DownsideThe moment I add in the seller finance debt service, the deal is negative cash flow by $100-300 each month.