Recognizing its potential, we quickly negotiated a purchase price of $284,000.

I would highly recommend bringing in an advisor or broker with specific experience and knowledge in this asset class.I have seen many of these parks trade hands on a handshake and a dream, however, you could be taking a huge gamble if you don't get microscopic on the front end.

Recognizing the property's potential, we acted quickly to negotiate a favorable purchase price of $195,000.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

As part of the renovation, all of these were remedied however the violations were not cleared as I suspect the renos were done without the full permitting.The purchase agreement had a requirement to clear the violations prior to sale but the Seller and I agreed a fairly substantial seller credit to clear the violations as it was recognized there were risks around the renovation work and potential non compliance with permits that I may have to remedy.

I suffered through this for 3 years before recognizing I had a problem. 

The pro is that if you refinance, lenders mainly only recognize one lease per home. 

I can recognize those “dude flips” from a mile away.

Recognize that in California, single family homes can add one detached ADU and one attached ADU or junior ADU.