Albert EinsteinStay away from the steets paved with people looking for the streets paved with gold.

First of all thank you everyone for this site, stumbled upon it a few days ago and have learned a lot.My situation is I inherited (unexpectedly) a MHP in Northwest Indiana that is on 20 acres, 10 of which has 50 pads, a state of the art septic system capable of handling over 250 homes, well water, paved streets and a manager who can do almost anything.

What about just paving the lot and renting out parking spaces.

When I got there, I noticed not a single square foot of the paved driveway was 1 whole piece, the pool liner was stretched off the walls down to the deep end where a new ecosystem was forming. cracks in the grout of the brick (foundation issues, potentially), tarp on part of the roof (but the whole thing was garbage anyway), water damage throughout and a thriving community of mold.

Assumptions:- This park is 100% TOHs so no mobile homes to depreciate-  No clubhouse, other amenities, or real property to depreciate (the only structure is a small pump building)- As far as existing infrastructure, the park is on well and septic (multiple systems), sewer/water lines, paved roads, electric to all pads--all that have considerable value when considering replacement costsI've negotiated a below FMV purchase price directly with the current owner for the amount of the current assessed land tax value (and the tax assessment doesn't reflect any assessed land improvements (buildings) since they aren't any).Here are the main questions with regard to depreciation:1)  If my purchase price is the same as the assessed land value, will I have any depreciable basis going into the project in the eyes of the IRS? 

A century later, two of the most common methods were either direct ownership of property or through partnerships, which pooled investor resources to purchase a property.These partnerships eventually paved the way for the first official limited partnerships, or LPs, which appeared in the 1950s as a way to combine funds from multiple investors to put into real estate assets.

They are bargains because there are no paved roads and no water in that area.

-city sewer/water (I am not sure if master meter or if included in pad rent price, but will find out)-Laundry room, workshop, paved road-I am not positive, but believe it is 55+ community-Gross Rents= 121,200-Expenses: Vacancy- 9,696 (8%), Insurance 2,500, Taxes 7,000, Management (8%)- 9,696, Maintenance/Repair (5%)- 6,060, Garbage- 2,000, Lawn- 2,500= Total expenses 39,452-NOI= 81,748- One question here, should I be including the payments for the 7 park owned properties?

I'm opening up a new STR on a speedboat-friendly lake in Indiana, and I'm thinking about including kayaks, paddle boards, and bikes (there's a great 20 mile paved biking path next to our property).  

No room in back and city said no to paving right side.