She also mentioned that they’ve been in real estate since 2006 and have managed over 30 properties (though this is more of a side business for them), which suggests a mom-and-pop operation.

The 50% is rather deep a cut, especially with all the additional operational expenses not included into that 50%.

Unfortunately, no one is "allowing" them to operate, @Stylianos Kalamaras.

Currently, I am self managing all the operations.

Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

And having some operating income is ideal but not necessary if I expand through HELOC and refinances.

The main document that I would like to get review by an attorney will be the operating agreement.I suggest this firm over others that I contacted, their fees were down to earth and did not try to up sell more documents or entities.

You also need the operating cash to do rehab.I say this because you mention FHA and low money.

Div. 1996)".Increases must comply with rent control.