However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI.

That’s why the IRR doesn’t always measure the return on the initial investment.When looking at a “good return” you simply want to ensure that your return reflects a sufficient amount based on the risk of your investment.

How would you approach learning the local market in the quickest and most sufficient way possible?

Purchase price: $115,000 Cash invested: $36,000 large double and single manufactured home on one lot with sufficient parking.

If there is nothing specified in the lease then a 28-day notice is sufficient. 

Otherwise, other un-repaired items I would not characterize in that way and don't know if there is cause to terminate for un-repaired leaks as an example where I give notice and wait sufficiently and it goes without repair. 

After purchasing a property it's my understanding standard homeowner insurance is not sufficient to cover a landlord in terms of liability. 

While I would be cautious here given how things developed, I would think that if you have done all of the relevant background research on the original applicant and he met your criteria (3x the rent plus the stuff I mentioned above - you'll need standards so you can treat everybody the same) then it wouldn't matter if he added someone else as his income and credibility should sufficiently cover.

Do you have a sufficiently hardened contract that I can use or know where I can get one?

Okay we understand that a mistake was made or the screening wasn't sufficient.