Deal or No Deal? 100+ Unit Mobile Home Park/Mix Use

[Peak Deshawne]

Hello everyone,

I am looking for some opinions and advice on a deal I'm looking at. In short it is a value a 100+ unit mobile home park currently grossing $21k per month. The owner is asking $1.2m and willing to carry $600k. The property has roughly 70 vacant lots, vacant commercial buildings, and a small multi-family units. Potential rent receipts total +56k/mo. I've started building a relationship with the owner's and they seem to like me and want to sell the property to me. Unfortunately, I do not have the cash ($650,000) to put down. I have about $500k in equity across my other properties, and thinking about pursuing a master lease into seller financing like Brandon Turner did with his first apartment building. Any devil's advocates welcome to tear this apart. 

Facts:
Owner repossess the property from previous owner due to being a slum lord/deferring maintenance.
Is now run as a "mom an pop," park
All current revenues are being funneled back into the park in preparation for sale
Location is great
Park is being transitioned to county water, 70% of the park is on well water for now
Average rents $450/home (2/1s single wide)
Expense report includes cost of labor and materials in renovating downed homes already on the property (11 vacant + 1/2 stick build multi family units)

Is there a way I fund this by putting 25% of $650k down and seller financing the rest? The issue seems to be then that there will be hefty mortgages (2) on the property that will definitely eat into the cashflow. Some items such as the lawn care and labor could be reduced/replaced with sweat equity. I'm open to hearing any creative financing options for something like this! Owner will carry 50%!
 

Expenses listed below. 

Thanks in advance BP!

[Rene Owczarski]

@Peak Deshawne Looks like this deal might have good upside potential, since it's about a ~10% cap as-is. I'm guess the upside is vacant slots infill, and about half your expenses were labor (guessing that's the owners take). And the way to get the down payment down, is you need to talk to them to find out what they are going to be using the money for. Doing it Leon Johnson style with "Now I'm going to get real personal now, if I brought that $650k in cash in a brown paper bag, and set it on the table, what would you do with the money?" If they are quick to answer with "I'm buying a boat....or a house for my granddaughter...or none of your business" you might be stuck at that price, or your might be able to trade them the item they want (which you bought at a discount) for the equity part of the deal. But if they don't have a use for the money, "I'm just going to put it in the bank and draw interest", that's when you can sell them that you can pay a higher price, if they drop the interest rate, and take less cash right now, then they'll get bigger payments then if it was in the bank. Also then they can brag to there friends, that they got top dollar for the property, but you got great terms. Win-Win.