Hi everyone,I own a 12-unit apartment building in Euclid, Ohio (fully master-metered for water/sewer).

Once you buy occupied, you're inheriting all the liability and timelines.Two realities:a) You cannot assume a smooth 2–3 month exit.Even “excellent” tenants can change once they realize you’re renovating to sell.Offers to pay more rent can flip into resistance to move-out.b) Notice rules in CA depend on the type of termination.• 30 days: tenant has lived there less than a year• 60 days: tenant over a year• BUT many areas (including parts of San Diego) have just cause protectionsOwner-occupancy or rehab may or may not qualify depending on jurisdiction.

The borrower didn't move forward because the rate increased due to the lower DSCR, and the borrower was receiving less cash out.This property was part of a larger portfolio that my client was considering refinancing, but wanted to test the waters with 1 property first.

Also, Pilsen is notorious for being lower in elevation, and sometimes some of those basement units have water issues....so double check to make sure the building is water-tight.

Conservatorships can get audited or questioned later, so written records will keep you protected.Lastly, don’t take your mom’s resistance personally — that’s super common in conservatorship cases.

. - All utilities included (except internet, water, and pellets for the pellet stove)- Comes with private sauna- Comes with Private Gym- Comes with shared in ground swimming pool- Comes with wrap around porch- Comes with jetted soaking tub in the primary bathroom.- Partially furnished (everything except living room and primary bedroom)- Comes with property managementTo put it bluntly, the rent being charged is higher than your average consumer can afford... $6,500/month to be exact.When I think of who might be able to afford a rental like this.

"likely to go under water": Why?

taxes are estimated to be 412 Monthly Insurance 133 monthly Property management fee 125 a month Quarterly Water 125 a month Vacancy 5% 2900x0.05 145 per month Repairs 7% is 203 a month Capx 5% 145All combined puts me at 1288.

I’m considering a 1031 exchange and would like feedback from investors who have experience with mobile home parks, particularly smaller, park-owned operations.Current Property (Selling):Duplex purchased in 2021 for approximately $145,000; estimated current value around $210,000\Loan balance: about $90,000Gross rent: $2,400 per monthNOI: approximately $16,000–$18,000 annuallyCash flow after mortgage: around $750–800 per monthLow management requirements and stable tenantsReplacement Property (Under Consideration):Seven-unit mobile home parkAsking price: $395,000Rent: $750 per unit plus $40 for water (total $5,530 per month; $66,360 annually)100% occupied with long-term tenants, several in place four to five yearsAll homes are park-owned, purchased between 2016–2018 with metal roofs and Hardie sidingOwner pays water and sewer (aerobic septic); tenants pay electric and trashMaintenance handled by one individual for $400 per month using personal equipmentGravel road, well maintained; potential to add one or two additional homesMy Pro Forma:Vacancy: 5%Expenses: approximately 40% of effective gross income (includes water, insurance, taxes, maintenance, mowing, etc.)Estimated NOI: $37,800Financing assumption: $255,000 loan at 8% interest, 25-year termAnnual debt service: approximately $23,574Projected cash flow: about $14,250 annually ($1,188 per month)Cap rate: approximately 9.6%Cash-on-cash return: around 10% on $140,000 downDSCR: 1.6 (strong coverage)If the price can be negotiated to the $360,000–$370,000 range, the cash-on-cash return improves to roughly 11–12%.Pros:Consistent, well-maintained units with matching exteriors.

I have it listed at 1300/ month with water included.