Looking for comments/suggestions on a Mobile Home Park deal

[Geoffrey Lessel]

I have found a deal here in Central Arkansas on a mobile home park that I would love to get comments and/or suggestions on. I have a private money lender who is interested in the deal with me but I've never bought a MH park before. Here are some details:

* Inside city limits (you can't create any more parks in city limits by law)
* 29 pads (no park-owned homes)
* Pads rent for $150/month or $190/month (depending on whether the homeowner has dog(s)
* Currently 11 pads are rented (8 w/o dogs, 3 with)
* Selling for $150k
* Owner owes $100k and is willing to finance $100k with down payment of $50k. I don't know any other terms than that at the moment.

What questions should I be asking the seller? What should I be looking for? Is this a deal that seems good? It certainly looks fantastic to me by numbers, but again, I'm new to MH investing.

Any comments or suggestions would be much appreciated.
Thanks!
-geoffrey