Pros:Strong cash flowMajor affordable housing shortage in the countryBarrier to entry - zoning prohibits new parksPride of ownership - the residents own the homeLower operating costs - the residents own the homeLower touch - the residents own the homeSticky residents - costly to move a homeEasy to raise rents - costly to move a homeRecession resistant asset class - affordable rentLarge private equity funds are entering the space - drive prices upMom & pop ownership - opportunities to improve NOI and valueLower entry cost per door - less capital neededCons:Not sexy - smaller resale pool (but that's changing)Stigma - some counties try to stop operations (poorly operated parks, criminal activity)Stigma - some people don't want to live in oneLower credit quality residentLess appreciation potential, unless forcedNiche investment - helps to have scale to properly operateMany banks don't understand it - tougher to financeOlder assets in many cases

However, shortly before I made the jump, I was offered a job in my family’s business that I couldn’t resist.

A little off topic but I've always wondered, is one paint brand more durable or stain resistant then others? 

There was a fair amount of gang activity there which caused quite a bit of trouble for a lot of the developers there initially but once they started hiring a lot of them and getting them off the streets, the resistance has improved a fair amount.

Were your sellers resistant to your request?

You'd be better off finding some other route to spend your extra cash flow on, rather than accelerating the pay down.There is no reason to increase your equity position in a non-appreciating market as it's likely resistant to the market downturns as well, so less risky.

For any syndicators/operators based in California, have you faced any resistance from potential investors to the LLC being deemed doing business in California and paying California LLC franchise taxes?

It tends to resist wear better.

.—(1) The landlord at all times during the tenancy shall:(a) Comply with the requirements of applicable building, housing, and health codes; or(b) Where there are no applicable building, housing, or health codes, maintain the roofs, windows, doors, floors, steps, porches, exterior walls, foundations, and all other structural components in good repair and capable of resisting normal forces and loads and the plumbing in reasonable working condition.

What and who should i avoid-  I would say simply avoid overpaying for deals and resist the temptation of buying mediocre deals.Who should i know to find off market deal?