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!