How to determine how much someone else paid for a note?

[Joseph Sangimino]

Hi! 

I need to determine how much someone else purchased a note for and what kind of margin they are looking for to flip it.

There's a property I'm pursuing that is a little out of the ordinary - so I can't quite wrap my head around a few things. I am not a note investor, but need help from people in this arena to help me figure out what to do. 

I've been looking to purchase a mobile home park and stumbled across an interesting lead. I found a desirable park that fits my criteria that's currently in pre-foreclosure. The note was purchased by a hedge fund about a year ago and the property is going to auction in a few weeks. I have a chance to make an offer prior to the auction on either the note or the property. 

I know the majority of the information I need to determine what I'm willing to pay (income, expenses, back taxes, etc), but I need to find out how much they bought the note for and what kind of margin they may be using as a baseline. 

I contacted the hedge fund to see if they'd be interested in re-structuring terms and holding or selling the note at that point if I purchased the property, but they are really just trying to flip the note and/or property. 

The best way to acquire this MHP is probably via purchasing the non-performing note and either executing the foreclosure or pursuing a quitclaim deed. However, I have no idea how to determine what to offer in this instance - since I'm not underwriting the park as I normally would. 

Any help would be appreciated!

Thanks