@Jeffrey Odu- Typically what you would do is raise private $ and form a syndication to cover the down payment, closing costs, etc. 

I called the realtor and she gave me the pro forma on the property.Its technically losing money, so would this be considered a good investment because there is a lot of room for improvement, or does it mean run for the hills and avoid this property?   

If not, move on.Calculate your gross potential income based on on the market rents.Subtract at least 10% (or more, depending on your area) for economic vacancy.Add other income (laundry, late fees, application fees, pet rent, RUBS, etc.)This is your total pro-forma income Calculate all expenses line by line (50% is a sanity check or a guideline but not a "rule"!)

My next steps are: Form a LLC (name already chosen and confirmed it can be used in above States)Set up a business bank accountInterview property management companies (need some referrals)Look into financing in detail (conventional loan vs hard money lending) - need to look at smaller banks that would lend to a LLC perhaps with a personal guaranteeVisit the site (maybe a property tour)Make an offerGet an inspection / appraisalClose on a dealGet a landlord insurance policy + umbrella policy (need some referrals)As always, I would appreciate any comments, thoughts or feedback.

I'd venture most start with cheaper SFHs in bad areas because of the price point and good looking pro forma numbers.

@Mike HoherchakFrom an ROI perspective, the ROI tends to increase as you borrow more money --- at least at the pro forma level.

Do you happen to know the pro-forma numbers and/or the ARV on this park?

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Does anyone have access to a build to rent pro forma template?

All of the larger deals I have seen have words like "recent CapEx" in the pro forma.