I will prepay the note during good years to reduce principal drastically.)How do you guys feel about the deal in general?

I bought my first mobile home for $500 and renovated it for $2000 (materials + labor). 

I'm doing an assignment for 399k given the dimensions of the SFR, the size of the lot and the property values in the area there are very limited comps, current ARV is 500k+ it needs 10 to 15k for a basic cosmetic rehab, however the updated properties around the area have sold for 700+ so the potential for profit is there...ISSUE: I've reduced the original price and a few investors have gone by but the main thing that comes up is the exposure to a popular street (for the locals, It's on the corner of Shea Blvd and 61st St).

Go meet the neighbors and let them know your plans, give them a card, and welcome their call if they ever see something they don't like.If there's a lot of preconstruction clean up, then I go to Home Depot and get enough laborers, tools, and materials to knock it out in a day.  

if you can rent it and hold it for a year you will substantially reduce your tax liability on the property.

The only other costs that there will be is a locksmith to come out and change the locks ($99) and I will need to hire a couple people from Labor Ready to come move all of the items out of the house.

@Caroline Pancotti Sec 8 consider getting a property manager experienced they are more labor intensive but often better profit.Paul

., Specific neighborhoods TBD, long term drivers of market; median household income, labor force participation, bank lending and household formationCriteria- TBD, Define your LTV, cash flow, max purchase amount, max rehab amount, max timeframe, etc.

A recently trending thread started by @Brandon Turner discussed accepting section 8 from an existing tenant but having to accept a reduced rate as a consequence. 

If you feel you can handle it alone, you don't need to negotiate the reduced commission up front.