I'd say treat it as any other rental application, if you're unable to find what you need using the information provided by the applicant or the info that you find is undesirable then you may need to deny them.

Here are a dozen things that can destroy you with a mobile home park:1) Paying too much2) Bad market (small metro population and low home prices)3) Bad location in that market (undesirable part of town that nobody wants to live in)4) Bad infrastructure (failing roads, utility lines, etc.)5) Private water and/or sewer6) Master metered electric and/or gas7) Density too high so you can't fit new homes on the lots8) Mostly 1960s and 1970s homes on the lots, as they will end up getting scrapped as people move out over time9) Low lot rents that make the whole business model not worth the effort (like $99 rents in Mississippi)10) Inability to get or retain traditional financing11) Environmentally contaminated12) City or state permit problemsThe bottom line is that -- if you are going to seriously buy a mobile home park -- you need to educate yourself on this niche.As far as finding mobile home park deals, there are basically four methods used:1) On-line (Mobilehomeparkstore or Loopnet)2) Brokers (over 50% of the 200+ parks we own came from brokers)3) Direct mail to park owners4) Cold-calling park owners

The tar will run down the walls like mud, it’s pretty gross

So maybe you will not experience the same type of items (like converting the small yard into giant mud wrestling pit). 

Usually a property offered at 3% CBB has a catch: busted properties, functional obsolescence, undesirable locations, or what have you. 

But as of right now I think my best options right now are staying at my current job (unless I find a higher paying job) as assistant manager for Picnics department for the Toledo Mud Hens.

Personally, I think the West End becomes unaffordable, even undesirable, for a lot of first time home buyers and trade-uppers at ~$300k or $200/sf fully rehabbed.  

is it a desirable or undesirable place to live?  

Gerry,As someone stated, you might find a lower down payment, but you'll likely end up giving it right back again (or worse) in the form of higher interest, or some other undesirable terms.

Makes a better fit for loose outlets and covers up any knocked off mud/plater/wall board around the outlets.