They:Buy the property off a wholesaler or bank when it's in a terrible condition -- Say ~$25,000 for my property (Not verified but let's use this as an example)Rehab it to make it functional by renovating the interior and exterior: roofs, water heaters, electrical, kitchens, etc. -- ~40,000Find a tenant, screen them (or so they say), and sign them to a lease.Add a property management (PM) company.

As for setting aside ongoing reserves that is going to be a function of building age, upcoming capital requirements and even lease terms.2) In terms of cost for replacing roofs, depends on the roof type.  

Learning how this market functions will be very helpful.

Working with the right lender, and more importantly the right loan officer, is critical to your success.TYFYS and best of luck!

If they’re complaining about something that actually went wrong, like the refrigerator broke, then I instruct my assistants to very politely respond & admit to the issue and state that we fixed it right away and we are sorry for the discomfort that it caused this guestIf it’s a scathing review about things that they made up or they’re just being overly picky, sometimes I will just write a one liner like “Lol, I have 500 5-star reviews but clearly nothing will make this person happy” I am offering this as constructive criticism.

If you or anyone else have different opinions on this or criticisms on this, I welcome the feedback.

There's a bunch of other posts about them, the search function would serve you will in this instance: https://www.biggerpockets.com/search?

And the lack of liquidity is can be a scary position to be in.For that same amount of cash, you can buy a much larger, fully functioning, fully liquid mobile home park with upside in rents and occupancy.

Upside was the tenant still had functioning space, so we didn't have a prospective tenant back out due to our delays.

Upside was the tenant still had functioning space, so we didn't have a prospective tenant back out due to our delays.