However the family member is not following house rules and becoming a problem.  

Your ROI probably needs to be re-worked.  

Through a family member I have been put in contact with an older couple in their upper 70's who hold 18 manufactured homes with their land who are ready to move on.

i have set up a meeting at the property with the owner and a referred contractor from a BP member (i have already requested and received some references and will be following up with them tomorrow most likely).  

Yours don't work for me, and as Cal said, you would be relying on speculation.

If they have a hoodie, baggy pants, their eyes look down when you make contact with a glance, their walking pattern and approach is irregular, etc. these should be red flags to be ready.

HelloI am a new member, I have been obsessed with the BP podcast for the past few weeks.

It is also sandwiched between 2 of the most successful restaurants on the island; connecting the parking lots and charging the neighboring businesses for after hours use could bring more revenue.I'm trying to understand what a reasonable cap rate and market price for this property would be, re-assess the risks and understand actions to mitigate those risks, and potentially explore this one further given that a strike price hasn't been met yet.thanks again for everyone's input, and appreciate any additional Erik

That would then need to be followed by non-conventional refi, so that the equity can be re-leveraged.  

It's the kind of turn-around property I wouldn't touch because I don't have the right background, but it's an example of one that might just be re-purposed and be a good income generator for someone with a real estate and renovating background.