And depending on the type of auction, say Tax, the owner could have redemption rights so you would not want to make any repairs until the end of the period.Most RV parks have guests and not tenants - if the paperwork was done correctly. 

How much are you putting aside for capex, repairs, loss of rent and property management each month?

I’m not sure what co sit in the property is in but $40k for repairs in a multifamily may or may not be enough, I try to bump my numbers up on the higher side in the event anything is over budget and try to build in some wiggle room but hopefully see that it still works.

My employer is closing shop and moving.

Hey @Joshua D.You need closing costs, so add 5% ($25,000)Needs repair costs (unless they're currently rented) add $39,000Unless you're taking over the loan, you'll need a down payment, change 0% to 25% ($125,000)15 year AM is fine, you could also do 30 yearsManagement is typically 8% of gross rents, so pretty goodThe Rent/Price ratio looks too good to be trueMost investors struggle to reach the 1 % rule in B class areas, and this is a 3% rule.

If I do the single family option, I don't know whether to go with a turn-key property that I can just hold and rent or if I should find something cheap that needs a lot of work and then rent/sell it.If I do the multi-family, I would prefer something that doesn't need a lot of repair work.Just looking for the best advice to get the first one under my belt!!

I’m just looking for something that outlines how repairs are handled if over the reserve budget, where the funds are kept, what would happen if one partner wanted out etc.

Craigslist ads (post about twice a day and reply to every for rent post in your target area), Direct mail (send letters/post cards to every foreclosure filing in your county and then follow up with them again about 3 weeks before the foreclosure sale is set to happen), Drive for Dollars (when you see a house that is in need of repair, knock on the door, ask about the owner's plans).

No major repairs or anything, but a decent amount of handyman like work that I keep up while I’m living here.

In other words, you'll provide 100% of the rehab amount, but your borrower will come out of their own pocket initially to start the repairs.