Looking to extract some cash to add 2 BR's and 1B plus some extras, in order to increase rents (currently at 440/650/night).

Extracting hot points from sellers 6.

You do have to extract what you need from them, but that is part of the learning process IMO.

@Andrew Johnson I won't really know if the asking price is vastly above market value for the property because I don't know the extent of the repairs needed yet, but based on basic number crunching it shows the rents are far too low to support the value the seller intends on extracting from the sale. 

As a water damage restoration company in Vancouver WA, we extract, and dry out flooding basements, consistently between October, until about May.  

You see Rina, Rolfe spent three days painting a picture of:1 - The perfect business (high gross margins, high barriers to future competition (quasi local monopolies), increasing demand).2 - Claimed that this perfect business counterintuitively sells for a big discount to its true value - and painted a plausible dual reason for it:a - the stigma premium - mobile homes are yucky and embarassing, therefore demand for them is lower than would be expectedb - the current set of owners of this asset class (mom and pop) are so stupid and lazy that they have priced the rents of the asset class lower than they should be compared to apartments.3 - He then masterfully executed the classic sales technique of creating a sense of urgency - saying that the current fragmentation and irrational discount-to-value of this asset class (mobile home parks) will soon expire because "mom and pop" are dying off, and will be selling out to professional investors with huge pools of capital.4 - He claimed that when this de-fragmentation occurs (the next 10 years) the discount-to-value will disappear and that the real value of the rents of mobile homes will finally be extracted through inevitable professional management.Item number 4, Rolfe must know, makes any experienced investor salivate - it's like cat nip.

You can sell your note (aka future cashflow) at a discount or whatever you can negotiate on the open market but that about your only remaining option for extracting cash out of your note.

You should be able to extract a wealth of information if you are forthcoming about your situation in that they will be trying to win your business.

I had no money for a down payment so I defunded a Simple IRA that I had, extracted $5k and used that as a down payment on an FHA loan.

Even if it was cash flow positive at its current equity position, it will be cash flow negative when you refinance to a high LTV loan to extract money for your next purchase.