Newbie MH Investor

[Chris Jones]

I've been throwing around the idea of investing in a mobile home park for some time now, but wanted to wait on an opportunity that I thought was appropriate. A local MH park has come up for sale and I have some interest. However, I'm not well-versed on the in's and out's of making such investment.

Here are some details for the park I am interested in: 48 sites available, currently 40% occupancy, rents for $150 per pad, generally made up of older homes, park is in need of some TLC, approximately 40 miles from my current location, and asking price is $140,000.

Can any of you provide any advice for steps I need to take as a beginner before investing in this property?