Seattle area 55 and Older Mobile Home Park Flip

[Ben Galbraith]

Hi All, 

First post here so hope I'm not doing anything incorrectly?! 

My grandfather gifted my uncle his Mobile Home 3ish years ago when my uncle moved in to take care of him.  My grandfather has since passed (lived a long fruitful life) and my uncle didn't qualify for the lease through the property management company in order to stay in the home (I don't know what his income is but I think it's pretty minimal).  Anyway a long story long he called me yesterday frustrated that the management company was emailing him and based on what emails he forwarded me and reaching out to the management company he has to sign a transient storage agreement which basically says that he agrees to pay $800 a month until he either sells the place or moves it.  My uncle told me on the phone yesterday that he'd just like to be out from under it and he wants to sell it for $5k, to which I replied don't sell it for $5k unless you're going to sell it to me for that.  Anyway I'm thinking about giving him a real cash offer to take over the property, make some updates and sell it.

What I've done

• 1.) Called the Management company to confirm what my uncle needs to do and if he owes any additional fees beyond April rent and they've confirmed he does not.
• 2.) Emailed the management company to see if I were to get title of the home could I be on the transient agreement (waiting to hear back).
• 3.) Looked at other homes in the park to see what recent sales were and reviewed pictures to verify shape the home is in as well as fixtures and amenities they have.
• 4.) Talked to an agent who will do a walk through with me next week.
• Questions:
• 1.) What other due diligence do I need to do?  Things to specifically ask the management company? 
• 2.) Should I have an inspection done on the place before hand?
• 3.) This seems like a slam dunk but feel like I'm missing something here.
• 4.) Am I allowed to own a Mobile Home in a 55 and older park? (I'm not 55)  Based on forums I've read it seems like I should be able to own it, but the management company didn't get back to me on that question, but they responded right away to other questions.

Currently I've agreed to help my uncle pay rent if he needs next month and he can pay me back when he sells the place.  At any rate I think if I put in 10k of work the return would be 50k+ more than selling it as is.  I think it would sell for 60-80k as is.

Thanks,

Ben