It is in need of an exterior paint job and replacement of siding and some wood rot.

If you need 200 square feet of drywall replaced, they will tell you what the price is to put down tarps, replace those 200 square feet and repaint the affected rooms. 

From what I understand, this is due to the ability to increase the ARV (After Repair Value) of a home through renovations and increase the home's value; then refinance with the higher ARV to get a second lower mortgage which replaces the first.Not to mention that foreclosures for the same areas are cheaper than comparable non-foreclosed or pre-foreclosure properties.However, hypothetically:If I were to buy a property, not refinance it, save up over a couple years to buy another property and refinance that, I would be ok with that.Is there anyone that has experience with buying non foreclosed homes and any details?

We were primarily interested in finding a mobile home park that was priced at a 10% cap rate (on lot rent only), generated over 20% cash-on-cash returns, had good management in place, was in a good market, and had a light value-add component.

Initially, we purchased the 12-plex way under replacement value ($380K).

Repair: are they applying new enamel, overlaying a new acrylic liner, or doing a full replacement of the tub?

Scammers will never die, you get one and 10 replace them. 

Are you easily replacable?  

.-- Owners maintain the property so those who cannot afford to do it have a roof over their head that does not leak (an un-doable repair expense for "The Working Poor"), and replace furnaces so they don't freeze to death in the winter, and replace hot water heaters so they can wash.The working poor cannot afford to buy furnace, let alone the price of installation.There is not a renter/owner problem in the USA, other than what is being artificially gined up.The system works well for both sides.Just my 2 cents. 

If you have just one or two properties and something goes wrong ie. vacancy, HVAC replacement etc, you'll feel the pinch a lot more than you would if you have other properties in your portfolio offsetting an under performing one.