To give you an idea of how we approach it, we assume the worst-case scenario right from the start is 9-12 months of no rent, $5,000 in legal fees, and an additional $5,000 in expenses to deal with moving their stuff, putting it in storage, and dealing with health code violations or NOV's from the city during the process. 

My name is William Taylor, I am extremely excited to be a Pro Member in the BiggerPockets community and ready to gain immense knowledge from all of the contributors.

Beyond that, networking with other investors in the mobile home park space could open up some doors for partnerships or additional funding ideas.

Gaining knowledge about investor loans, like DSCR loans, can be particularly beneficial.

Some properties actually lose money each month but gain value through appreciation.

My budget is in the $200-250K range.Please feel free to let me know if additional details would help, and thank you in advance for your time and advice! 

In addition I am giving him freedom to explore (to a certain extent) on my dime.

In addition to a voucher, we require that the tenant be able to show income at least 1.5 time the monthly rent, as opposed to our regular tenants who must show 3.5 time monthly rent.

You'll need to meet requirements like parking and setbacks and might encounter additional hurdles in environmentally sensitive or historic areas.

I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.