Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

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.

Managing the property yourself can save money, teach you the ropes, and give you firsthand experience dealing with tenants and operations.

They don't buy it and operate it.

Don't operate under the, "we get along and can figure it out" mindset. 

These repairs are through a contracting company owned and operated by the PM. 

Now they have exchanges, which are still not as secure as they are advertised to be by the operators. 

In our area, it is rare to find a gas station where the real estate is owned by the operator.

We work with experienced operators that have great reputations and are doing multiple deals at a time. 

Opening a new fund or operating company and not reporting on the old fund’s results3.