In terms of due diligence, for example, for an acquisition FHA under Section 223(f) you would be looking at an Appraisal, Phase I Environmental Assessment, Capital Needs Assessment (depending on the age of the property it might include Asbestos and Lead Paint testing) and Radon testing (where applicable).

If you clean up the park, fix up the junky homes, fix up and rent out the empty homes, and get rid of the bad elements, people will be willing to pay more.  

I understand that there is give and gake in this buisness but like i said im missing some cruicial elements of this system.

Rehab them and keep them full of the bad element?

Before you do,  try to determine which elements of the profession you need the most help with (is it sales/marketing yourself, or is it negotiating/closing deals, or contracts, market analysis, etc....).  

It might be an environmental issue and involve the EPA, lawyers, and a lot more than $5k. 

Knowing the market is a key element to any type of real estate investing.  

@Kevin Schaefer,Seems to me you're missing a couple of key elements here:- a buyer- the numbers on the propertyUntil you know the numbers for certain, it will fall to a potential buyer to do that research.

After PSA is signed then lender deposit is sent in and reports are ordered (environmental, site inspection, survey, appraisal,etc.) during due diligence period in the PSA ( we typically do 45 day close and the first 30 days of that are due diligence).

Hi there Ted,Research and a willingness to look outside of the "Seattle" box, are definitely two key elements for success in the area.