Noob mobile home investor opportunity

[Phil Collett]

I recently started attending our local rei meetings again and vip member had a bunch of deals in Ohio. I am in Southern California, but after listening to the last 2 years worth of podcast last month while painting 3 walls of my house twice (before hiring it out, not good at this) I started looking at out of state investing. When I saw a 13 cap on the park, and Brandon Turner and Mindy Jenson just did one and seem to want a bunch more, I got excited. I read a bunch of posts last night and thought it over today and bugged my cousin that does commercial loans. 

Anyways, I started going through the checklist https://www.biggerpockets.com/renewsblog/2013/04/26/mobile-home-park-due-diligence-checklist/ and I will ask for answers on the sewar situation, and try to get the last 3 years of rent roll and PL statements. Not sure how to check on zoning and maybe the city trying to push out parks. This one seems to be surrounded by houses when I found it on Zillow.

I was skeptical on some owner financing at 6 to 10 percent after I bring in 25% or so until reading that mobile parks are hard to get coneventional or commercial lending on. I sign on a HELOC tomorrow for enough to cover the whole park at 5% from bofa ( my buy and hold I am in still) . So now that owner finance offer makes sense and checks out from what I read here.

The park owns 13 of about 25 mobile homes, it is at capacity and has had some improvements over the last year. Not sure on the exact reason they are selling and I am hesitant. Small park, so I guess that is why the cap rate is so high from what I read to attract buyers as larger parks get more interest. This park with the mobiles included costs less than a condo where I am but seems to cash flow like crazy.

Any words of wisdom, or advice. We have a few guys that love mobile I can take to lunch and take their class if I buy this to become more informed. They talk about their Lonnie deals, etc and sell their 10% notes on some trailers. I have been going off and on to those meetings for 2 or 3 years.

I am leaning on pass as it is so far out of my comfort zone, but I need to do something eventually in RE so should this be it?