Thus, you will own two cash flow positive producing properties.One sells through a 1031 exchange because 1) they have owned a property for a long period of time and it may not have many years left to receive the benefits of depreciation expense, 2) they want to sell their existing property for an even larger property Both methods are great for scaling. 

I'd assume she isn't telling the truth if she doesn't produce one.

If the pieces come together, I contact the administrator to see if the estate wants to sell the house.The process is more time-consuming than blanket marketing, but it produces more targeted leads.

Here are the key data points:Park info  Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense. 

Professional fees that relate to producing or collecting taxable income or receiving tax advice are deductible. 

I'm posting as a fellow investor.They should produce a quick and dirty prospectus with most details, maybe not rent rolls, but enough to justify their price. if its even in a ballpark, make an offer with EM down.

Instead it is having tight systems and processes to produce a predictable outcome just doing the things they are supposed to.  

Rome wasn't built in a day, it takes a season to produce a crop ... insert cliche here.

Jason Kidwell I must be missing something, why did you purchase a property for $650k cash that only produces 2k a month in rent?

For the local DC people if you can send me any of your best contacts for local private and hard money lenders, GC and Sub contractors, and any flippers who might be producing turn key or decent investments in the area I would appreciate the extra connections!