Hard to say one way or another without knowing your personal finances, goals etc., but it seems like a good deal. 

Someone local who has familiarity with this would be your best person to give you the information you requested.

And to be truthful it's not like I have a JOB in a business I owned from which I could draw a defined salary.  

Also, if it is going to be a long-term partnership, you'll want to get to know that person really, really well.

 @Nick Am:  Since you’re only going to manage your own rentals the S-corp/LLC is likely overkill.

Owned trailer parks for almost a decade

As a person who has lived in NC & SC and Phoenix, I would highly suggest AZ.

But now with the joy and headaches of non-metered units, trying to wrangle 3 different set's of persons into playing nice, etc etc.. 

At this point its extremely likely the individual will default and the foreclosure process will happen and it gives a person who can access the documents a heads up that this is coming putting you in front of the people in C above.Where do you get these documents from?

Hello,My Wife and I own several long-term rentals in the southeast.