No rational investor allocates capital to the same asset class in the same period while accepting more risk unless they expect a better performance.You mention the sponsors did not manage risk, but it's the same risk you personally bet on, right? 

Trying to get a bit creative on the mobile home side of things, especially with initial capital restraints. 

Your initial basis will = your purchase price + all of the costs costs +costs to acquire the property Then that will be split between building and land amounts. 

@Vitaliy Zima the step you are missing is your initial loan.  

Anything of value is worth doing poorly initially until you know better. 

From what I’m seeing, a lot of California multifamily seems to rely more on appreciation + tax benefits rather than strong day-one yield.What I've found focusing on out-of-state multifamily:Cap rates are higherCash flow is strongerTargeting 10%+ cash-on-cash is more realisticIf you’re investing here in California, are you mainly betting on appreciation vs cash flow, or what's your strategy?

Joseph's or Mayo) is a solid bet for traveling nurses, but don't sleep on the corporate relocation demand in North Phoenix/Scottsdale.

Over say 3 years that is $84,000 which helps make the initial price point more compatible.Subject to DD and Market study here is what I would offer:1

I bet their thinking you'll just let it all go - so cowboy up and manage to the lease.

And to likely answer an initial question, I will likely need a prop manager due to me traveling and being gone a ton in my job currently.