What should i be asking?

[Scott R.]

I want to get into the mobile home scene but here in California its a bit over priced so i would like to buy out of state. But in Cali I happen to run across a deal that is assumable, the owner only has 8 MH and 8 lots so its small but every unit is rented at 650-800/mo. He owns the units and the land. his asking price is under 150k!

I dont know the area well its about 40 mins from me. But i dont even know what to ask and why im asking it? here is a small list i can think of.

1-I need to see your financials (dont know much about reading them except income and expenses)

2- is the managment included in your expenses?
3- are tenants on seperate water and electricity? or is it all paid by you and you have a simple meter of your own and add it to their rent?
4- are there any updates the city wants you to have done or are they planning to rezone the area?
5- do you have the titles for all the homes?
6- are their any liens?
7- how much is owed if you have a loan?
8- how long is each leased still signed for and how long has each tenant been there?
9- how is the garbage and sewage paid?
10- what year is each unit?

there were a few more but i cant think of them this second. I just dont know exactly what to look for but even if the average pay came to $5700/ mo on a loan thats 139k, thats cashflow crazy! I dont know much about the town though either and need to find info on building plans, grown, etc. any advice on where i can find this also? Like citydata.com or something?