Financing can be "easier" since lenders will take into account the existing rents but do make sure to research thoroughly and have experienced mortgage / real estate / legal people on board since the commercial realm, even at an entry level, is a whole different level of complexity and risk (zoning / permits / environmental / leases). 

Sorry I meant to add a major remodel that changes the footprint of the house or external appearance can potentially take as long as a new home...

I currently work in the environmental due diligence field and want to begin working towards developing a passive income through real estate investing.

We hired an "environmental hygenist" to test the mold and air to determine what the mold was and how significant. 

I am looking at a property that will require some environmental clean up before a bank would fund construction costs. 

And you'll also need to get with your local municipality for zoning issues, as well as look at the environmental impact, geo-tech surveys, etc. 

There are also people without jobs for one reason or another (most cannot keep a regular job due to various issues and it is not primarily they are lazy - various reasons from addiction to psychological issues, etc.).The environmental climate of Southern Ca is attractive for the homeless. 

I would say next is the track record of the PM (regional footprint, nights over the year, own website,...)My business partner does self manage and then utilize booking fees (negotiable) with other PMs like 360 Blue, Beach Reunion,... depending on location of the property, time of year,...The other PMs in Destin / 30A that is they're primary business model vs developing, building new / reno... 

Also, remember after a law in mid 2000's if a property is on a designated "Wetland area" you cannot change the footprint and if the property is ever destroyed or demolished you CANNOT rebuild.

And the reasons for this discount are:- the property is being sold "as-is"- that the MH's are very old and in bad shape, - it's been very hard to find an insurance company that wants to take the job,- the same happens with the financing, not a lot of institutions will lend leaving the property mainly on the hands of developers,- but the property has already failed at least a couple of feasibility studies,    - It's been on the market for over a year,- In a couple of months the county will start a tax sale,- The maintenance needed is mainly demolishing 4 standing structures, clearing all the junk in the property plus landscaping (this is what I am considering in my repair costs as for now),- There are no records of maintenance jobs done on any of the units, owner will not provide any information about the property neither will do any diligence to provide such, no environmental studies (although the county said that is potential home of an endangered species), - the only fact provided is that it is zoned R-4,- although the property has a wet land area, and 1/3rd of it is forestry