Beginner Questions about Mobile Home Investing

[Shari Azama]

Hi, I'm very new to the real estate world and have some (very) basic questions about MH investing.

I've been listening to a bunch of podcasts, watching tons of videos, reading books and articles, and am fortunate enough to have a friend who is a property management company CEO, but alas there are some more nitty-gritty questions that I have no clue as to what the answers are (there's so much information out there, it can be tough to sift through sometimes...). So, your responses are GREATLY appreciated!

1) How do I figure out if the MH rent is lot rent or space rent (call the park manager? And what questions do I ask the park manager? I've heard opinions from several sides, concerning park managers...)

2) How to transfer title registration?

3) How to figure out if there are liens on the property if the home is being sold by the seller and not the agent

4) Step-by-step process of how to do a L/O or sandwich L/O (how to or if this is even the best move for a total beginner investor such as myself. The overwhelming part is the contracts and legal side of things)

5) Any additional tips in general that you have for something completely brand new, as far as actionable steps go. Like I said, I've been doing tons of research everyday, just trying to get comfortable with terminology and basic knowledge, but at some point I need to just create an actionable plan and actually get my feet wet.

I am also considering doing house hacking as well. So I'm between either house hacking or MH investing, whichever one seems more feasible and makes more sense, which depends on deals I can find, I suppose. However, understanding what a "good deal" is encompasses quite a lot (from a beginner's viewpoint), so that is another factor that makes it more difficult to know what direction I should take.

I have signed up for a couple of meetups, but with the virus and quarantine, it looks like I'll have to wait on those. But insights as to what direction you recommend I take at this point and with these thoughts in mind would be greatly appreciated.

Lastly, here is the basic rundown on one of the MH properties I have been looking at and have been considering doing a L/O or renting of. Would love to hear your guys' thoughts, if any, on what you think:

23701 S Western Ave Spc 94, Torrance, CA 90501

1 bed 1 bath 43 sq ft

$15K, built 1977, on market for 130 days

Avg rent in that park is $850 (but again I don't know how much of this rent would actually go in my pocket, based on other MH park and MH fees) and I can put 40% down, so roughly the cash flow would be about $600 and Cash on Cash return would be almost 100%. I got these numbers using the BP calculator, but being that I didn't know what to put for some of the boxes and am probably lacking information (other costs that I don't yet know about), these numbers are VERY guesstimated. 

In a decent area with schools and stores nearby, the park itself is a combination of RV and MH. I have not scheduled a meetup with the agent yet (and have 0 experience doing that), but I visited the place and from the outside and peeking in, it looks like it has been fixed up and is ready to be lived in immediately.

Thanks in advance for your patience with my super beginner's questions and looking forward to hearing your insights!