This isn't just a low budget movie, I'd call it a low-low budget movie. And we probably have DVD to thank for that as I recall a lot of these cheap movies filling up the shelves at my local video store. Ulli Lommel, I'm looking at you.
I don't know what it cost them in terms of equipment behind the camera, but there isn't a whole lot of production value in front of the camera. I'd say they spent a good $30 on the killers costume and gave the remaining actors in the movie a $20 gift card to go spend at Kmart for whatever they wanted to wear. The remaining few hundred dollars was probably used for some fake blood and whatever other props they required while renting out a small retreat for a few days.
Despite my criticisms of the killers costume budget, he still manages to command some screen presence. You want to see him grace the screen again and again but maybe that's because the killer is carrying most of the movie on his shoulders. I've seen much worse acting in other movies but as a whole it is below par so I guess they asked Tiffany Shepis to up the entertainment factor by doing what I've seen her do in a bunch of her other earlier movies: whip the titties out.
The director doesn't get too ambitious with the camera in most scenes as we're treated to some fairly standard, safe angles. There is one scene in the movie which involves the killer attacking someone who is getting out of a shower whilst a faulty light flickers and the effect works quite well for that one singular scene. They also seemed to ignore a couple of glaringly obvious goofs, like when the angle of the chainsaw cutting through a person does not match up on both sides. The music used in the movie isn't that bad. It's quite generic but it does suit the scenes well enough.
The first two thirds of the movie plays out as a slasher and then the movie starts dragging when it transitions to whodunnit mode. Our masked killer disappears from the screen for a while only to return in what is a fairly underwhelming finale and seems like an attempt at a cleverly ambiguous ending which ends up missing the mark.
Bloody Murder 2 is not a good movie but is also not a completely terrible one if you can appreciate its obvious limitations in budget, talent and most other things that help to make a good movie. It does prove that there is some value in a silent, masked killer but more is required than that to become an actual decent movie.