Mobile Home park evaluation

[Robert Meyer]

Hello all,

After talking and networking with a friend I have come across a possibly strong deal, but am unsure how to proceed since I am new to investing, and definitely new to mobile homes/parks. He has first come across the deal (he personally knows the owner) and wants to partner up to make this happen. He almost let it die, but we both see a lot of potential here so we are exploring different avenues. 

Here are the details:

36 Lots total

-31 park owned rented mobiles mostly all late 90's @500

-2 park owned rented doubles @700

-3 open lots (not sure how hard it is to fill open spots)

-Park will need a new road: quoted at 30K

-Septic tanks for sewer 2-3 trailers per tank

-water billed to park (opportunity to separately meter and increase revenue?)

-electric and trash billed directly to tenants

-taxes for the land are 2k/yr

-taxes for homes are 2500/yr

-Location is rural North Carolina, but seemingly desirable location

-maintenance 3500/month (seemed high but unfamiliar)

Total asking price is 870k= 540k land plus 330k homes (avg 10k each home) owner will carry 570k at 5% fixed for 15 yr and wants 300k down, but I only have about 75-100k I can contribute so I am looking into hard money at 12% interest only for a year or 2 and using the first year to sell trailers to the tenants at 10k each to get out of the hard money debt (exit strategy for private lenders is my pickle so far- what do you think about equity share or selling off trailers and collecting lot rent at 300 each?) My intent is to build cashflow as much as possible in my rentals in order to quit my day job and be home more with my family -I travel ALOT. My partner will be local and able to manage and I will be all over the united states. I am being told that there is room to increase rents, but I need to do more research and learn to determine that before I bank on it. 

Your thoughts are greatly appreciated. If you want/need any clarifying information just ask! If anyone experienced would like to partner up message me and we can see how to proceed. Thanks in advance!

Best,

Rob