I'm going to look for other trailer parks nearby and take a drive out to them.

I'm contemplating doing interest only mortgages on the other two properties to maximize cash flow and stock pile some capital for my next purchase.

It's a primarily military area, those that aren't typically work at a major hospital near by, rents run between 1700-2k for houses.

When I am driving for dollars I look for: boarded up windowsbroken windowstall grassa general unkept appearancemissing mailboxoverflowing mailboxsigns of major expense (blue tarp on roof, etc.)no exterior landscaping (possible sign of a rent house)for rent signsFSBO signsno curtains or blindsIf I see someone out in the neighborhood I stop and ask them if they know of any vacant houses nearby and tell them what I do.Im sure there are other things but thats a start.

I need to find out the average costs associated with this type of business..As I said I am just kicking around this idea and wanted to get additional input and feedback from anyone who may or may not have experience in this type of venture.Commercial RE is not my Forte and the thought of trying to find a commercial tenant every 5 or so years is not that appealing to me so I Thought if I can turn the space into my own business that kind for the most part run itself it would be a win win situation.I welcome thoughts and or things I may have overlooked.p.s. this business venture assumes the area is good and there is not another similar business nearby.

You might try calling some nearby parks and ask if they have any units for rent or if not, what would the typical rent be?

Apparently, the site was once used as a dump site for a nearby highway demolition and reconstruction project years ago.

Great list @Ky Sharp If you are confident in your analysis and buying all cash the appraisal/bpo isn't necessary but an appraisal may help you negotiate if it comes in low.We like to have two or three mgt companies walk the property during due diligence and propose their mgt plan that includes a capex and/or repositioning budget.If the subject property and all properties nearby are the only things ever built on the land there you may not need a phase 1 environmental but if it's a large property and/or you're bringing in outside capital (lenders or equity partners/investors) having one demonstrates your thoroughness and professionalism even if one is not required.If there isn't a recent survey one it may be required but if one is not required getting a new one falls under the same considerations as above.We have gone to always having an engineer do the inspection even though it can be 2x what a non-engineer inspector may charge.

I was considering it only because I have some connections nearby that can keep an eye on property, but when you factor in higher taxes, higher financing scrutiny and lower rent ratios it seems like I'd be better off paying a property manager in the US.

You can run your own analysis using it's cap rate and the local area cap rates, but your sales price and appraisals will be based off the nearby comparable sales.Good luck!