A lot depends on your entry price and instant equity. 

What to do with the equity in this property will depend on what your personal finance plan says about your asset allocation. 

This is really going to depend on the state you are looking to do business in.

I have a vision of building and developing mobile home communities in upstate NY that are vertically integrated to allow future members to choose from a catalog of homes, have them installed, provide them with financing options, and make the process of selecting, buying, and living in the community very smooth.Since this is my first time doing this, I would love to chat with an experienced mobile home developer on the following items:Zoning - navigating the zoning process to allow the community to be allowedStart up costs - I am a finance person who would love to better understand start up costs - septic / electrical / water / pads / roads / etcOn Going Maint Costs - in building our business case, I want to build a conservative financial model to capture all re-occurring expenses - utilities, landscaping, capex, septic clean out, etc.I know this is a lot, but would greatly appreciate talking to someone who is an expert in this asset class!

Collecting rents is an art and a science.What you should depends on where they are with their late rents.

It will depend on the bank and their threshold / programs they are participating in. 

You will need different attorneys in different states depending on where they are licensed.  

Be sure you are comfortable with the math and know exactly how much you should be getting depending on how the property performs at different levels.  

I have them tell me how long a project will take to complete, and then I add buffer days or maybe up to 2 weeks, depending on how long / complex of a project it is and potentially accounting for weather if it is outside work.

Depending on how the tenant works out, might ask you a few questions.