Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.

Basically, the further you get away from the city the more potential for cashflow, but you're also dealing with a different tenant base that may be tougher to manage.

Sounds like you are going with a Fannie/Freddie type loan based on the cap of 2%.  

ABL, which is the basis for HML/fix and flip lending, will have different criteria and different focuses than multi-year loans based on cashflow and borrower credit score (long term mortgages).

Are they commission based, flat fee?

I haven’t gotten a tour yet, but based on driving by and photos of the inside, it looks ready to rent right away.

They're highly popular for turnkey rental properties because qualification is primarily based on the income generated by the property itself rather than the borrower.

When the tax base disappears so do essential services.

Selling your share at fair market value could avoid gift tax but may trigger capital gains tax for you based on the sale price and your cost basis.In California, the transfer may also trigger a property tax reassessment under Proposition 13 unless a specific exemption applies.

I am still rather new in the investing world, but I know with enough base knowledge and liquid capital of course, I'd be willing to pursue it for sure.