To remedy this for next time I am in the process of creating a design board that can be used as a base for future flips.

You can get a refi based on the as is value after 3 months of ownership.

In the meantime I would touch base with lenders and get the financing squared away.

When the tax base disappears so do essential services.

I am still rather new in the investing world, but I know with enough base knowledge and liquid capital of course, I'd be willing to pursue it for sure. 

As a result the property, based on capitalization rates, can now be sold for $450,000.  

I would also let them know they are ranked on a point system based on our application criteria.

Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.

We're willing to live almost anywhere in the greater Sacramento area based on what we can afford, provided of course that the property is in a decent neighborhood that has a good chance of attracting responsible tenants.As for budget, I believe we could get a conventional loan for properties up to $600k, but my strong preference is to find a distressed property (or seller!)

Selling your share at fair market value could avoid gift tax but may trigger capital gains tax for you based on the sale price and your cost basis.In California, the transfer may also trigger a property tax reassessment under Proposition 13 unless a specific exemption applies.