If the tenant is not and you have lost rent, reconditioning the unit costs, and eviction and legal costs, then unforseen capital repairs can put things over the top in a bad way.Not trying to scare or anything you just need to go into the purchase with eyes wide open.

If however the place has gotten really beaten up over the few years they have been there then the longer they stay the more accelerated your damages will be when you go to eventually re-rent the place that exceed past normal wear and tear.How much do you estimate if you evicted her that it would cost to recondition the property to a regular renters standard??

We reconditioned all of them after taking the 10 unit building over.  

With the age of the homes, you are likely going to have frequent maintenance and expensive re-conditionings between tenants (remove trash, deep clean, paint, carpet, etc.)

My interests would be helping develop the properties, rehabbing or reconditioning existing properties for use and/or locating and securing properties for a build to suite situation.  

It has sat vacent since, but I've been sent receipts from the PM claiming the place has been reconditioned, but during a surprise visit, I am learning that NOTHING has been done.

I would have no cash in the game, but do all acquisition, reconditioning, managing etc... 

He rents out part of the land for pastures to place cows etc. and then some parts lets them use for tree farms and also seasonal events.The front part he reconditioned an old farm house and has a bed and breakfast with an organic garden for the corporate type wanting to get away from the big cities and take a vacation. he is retired so he doesn't mind just making a little profit and covering the taxes on the land.

While the initial ROI may look good on paper (and the wholesaler trying to sell it to you will make sure that you see that) there are a lot of extra costs that come with owning these types of properties... less stable or capable tenants, longer vacancies, more maintenance, higher reconditioning costs, more likely to have evictions, etc.

Good suggestion on the private money angle, I really want the Seller to understand we need to be able to do solid underwriting to get this deal done.2) The park is in pretty rough aesthetic condition, the roads have not been reconditioned in many years and are ugly but there aren't any problematic potholes.