Then in the leases they have 3% annual rent bumps which over time makes the blended cap rate much higher and even with the increases you are way below market so the tenants tend to keep staying.

Yes, your rate will be .50-.75 higher than it is now...It will still be lower than the rate on a HELOC and...You will also have only one lien on your home...not two. 

I’ve done some analysis with the numbers below, and I was wondering if anyone could validate if there is anything blatant that I’m missing?

I'm getting ready to get a property under contract, it's a 12-unit run down, beat up...basically a complete rehab top to bottom.Here's the story: In 2005 it was sold for $320,000 then in 2011 for $85,000 for some reason (I'm thinking the neighborhood) the owner of the property in 2011 listed it at 50k and it sold in 2014 a few months later it was sold again for 23k.The current owner is very open to negotiating price and even at 23k its well below every comp I've seen for the area-there are apartment buildings literally on the same street that have sold for around $135,000 is there something I'm not seeing? 

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See below.

While I'm providing all the funds for the purchase and rehab, I do think it's in my best interest to provide some percentage of the profit; and perhaps tie some incentive to staying on, or coming in below, budget.  

Below is his contact information.Robert Irwin, Esq.Tel: [email protected]

Should i include bedrooms as a filter on my new direct mail list?

Saw one hauled down the highway recently (with below zero value, counting disposal)..For a shield, maybe show them what a duplex sold for ten years ago in your area versus a mobile and where they are today in terms of appreciation (you could also make a good case on cash flow, especially with park/lot fees, but for a simple "wow" figure, that may do it)...The ones on a lot that are affixed to the ground do better here, but the ones in  the parks are personal property here (and I suspect elsewhere) and you get killed on the lot fee, and the construction is not ideal for durability in my climate.