Roof, water heater, front door has issues smoke alarms etc. etc. etc.

Pros: -Most major cap ex fixes are covered-A lot less to rehab if bad tenants- great HOA can fend off bad neighborsNegatives:-If problem happens between units can be a headache-tenants tend to not stay as long-bad hoa can cause some issues There is many factors for you to determine- each situation is different

These small parks, when run correctly can be cash cows but also fraught with moneypits when maintenance and other issues are not managed well.Twenty means everyone knows everyone and everyone's business. 

I have access to about 20k in reserves for any unexpected issues. i was thinking of using private money to fund the rehab and refinance the property.

Compliance can be a huge issue.

some of the issue is redefining affordable... on the west coast starter housing is basically 300k and up and we are in the lowest price west coat major metro.you can run all around the mid west in every city and find sub 100k housing and those mortgages and all in are less than rent.. what I find is there are just so many folks that in those markets look at owing a house as a liability and they prefer to rent.. unlike West coast or other areas of known appreciation were we look at owner occ as way to grow wealth.

I began to go out and look at tax deed sales and came up with a pretty nice way to acquire some of those properties, however, the same issue of no funds prevented me from actually acquiring those properties.

I am paid to provide real numbers and real information on code, life safety, maintenance, and other issues that can cost you money in the long and short term. 

A handy man came first, used 50 ft plumbing snake, the issue didn't go away.

Has to be the right fit of course and both partners need to have some skin in the game but win-win all the way.