Banks are not crazy about parks like this because of the perceived risk with stabilization and for good reason.

After all private utility isn't "free" as it's perceived to be.  

Making a cash offer is perceived as strong in the real estate market.

Even if this is perceived as a good deal, and the specific performance remedy were to exist you have to ask yourself is it worth pursuing?

To fix this, the sponsor / capital raiser can do one of three things: - Capital call existing investors (who hate this and it is often perceived as a black mark on a sponsor's track record)- Let the bank foreclose, wiping out essentially all equity (obviously, this is also not a great resume builder)- Raise exceedingly expensive second position debt at a 12-15% interest rate.

Do not want to deal with any perceived Fair Housing issues.

If you are not assertive and demonstrate seriousness, tenants will often exploit the situation and not perceive you as being serious!

Out of state investing always sounds great because its a cheaper market but its cheaper for a reason and higher cap rates for a reason, perceived higher risk. 

Keep money on hand.But, if you are well funded, know what you are doing, stick to the law, are proactive, are organized and honest and don't promise what you can't perform and don't "rent back" to the seller for any reason at all and don't borrow from or involve people who can't afford to lose their investment with you and don't put 3rd and 4th liens (borrowed money) on properties and don't buy from "vulnerable people", and you buy only in states that don't focus on suing for perceived wrongs, it won't be a problem, most of the time. ;-)

@Robert DeForge Couple of things that stand out to me1)  I wouldn't worry about perceived trends because it leads to speculation and then builds fear.