Park Valuation--pulling my hair out


#1

I am running into a consistent road block when evaluating communities for acquisition. The tax returns are showing a break even or a loss while the reality is much better(CASH). In other sectors I have been able to base my value from NOI. Well, when the NOI is (15000) how do you really know what you are getting. It feels good to live out of a property and squeeze the cash until you try to sell it. It will be next to impossible to obtain financing on returns that look like these. Have the owners here faced this problem? Another thing that scares me is the fact that with all this (cash) coming in, how am I going to be able to handle that from a distance. An onsite manager handling cash is asking for big problems.