Looking at a Nearly Empty Park

[Robert Wiltshire]

BPers,

Looking at a 44 unit park with about 40 park owned homes and 4 empty lots.  Currently has 10 tenants that the owner keeps to cover the expenses.  He owns it outright and removed all but those 10 tenants when he paid it off, because he liked them and they were no trouble for him as an owner/manager.  According to him, he was waiting to see if it would get acquired and redeveloped by a large retailer (Walmart, food lion, etc...)  

There is a 56 unit park next door in similar condition that is full and rents 2/2s for $525.  The park I'm looking at rents his for $450, again because he likes the people and he doesn't need the money.  I have no doubt that given it's location in town I'll be able to fill it quickly, but I had some questions to advise my underwriting.

When I start renting or rent to owning the current POHs, can I set the ratio of lot rent however I'd like?

Lot Rent/ Home Rent $225/225; $300/$150; $350/$100 etc

Or is there an industry standard that I need to follow for underwriting?

Thanks in advance!