You also appear to have a realtor acting in a dual capacity as a PM if they are advertising for you and I presume showing the unit.

I would presume that the interest payments on the loan would be deductible on the REI's books so it would be a way to defer taxes on some of the CF profits from the rental units.

get the financials for the last 3 years and see what the average NOI is to get a handle on your cap rate.The unit they currently live in I presume you would give for free to the park manager?

The QM rule points out 8 concepts as a minimal consideration for a QM loan:Reasonable expected Income or assetsCurrent employment statusMonthly payment requirementMonthly payment on any other simultaneous loanMonthly mortgage related obligationsCurrent debt obligationsDebt to Income ratioCredit History The rule does not disallow un-Qualified Mortgages, it provides for a standard to presume the criteria was considered to some level of detail that the borrower can repay.

I first thought, well maybe they want to simply purchase the property at a discount and fix it up, rent it out, or sell it... however somebody is still [presumably] living there... wouldn't they technically be squaters at this point, assuming the note seller hasn't arranged a lease agreement?  

For example, lets say tenants pay $650 all in (land lease + mobile home rental) and I offer the tenant to buy the home they're renting (presuming the mobile home is suitable for purchase) for more than the value that I bought it for (lets presume I purchased the park for $300k and there are 15 units, making the per unit value $20k per unit).

I don't plan to do too many flips in a year so presume that UBIT might not be something I need to be overly concerned with but will certainly keep it in mind.

I presume you read this already:http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq

I honestly think we are going to hit a market correction sooner rather than later.If you do check out my FB page see the one I posted today from the Globe that says since last year more houses are taking price cuts before selling and more sales are falling through (presumably as buyers realize that paying 10% over list with no contingencies is kinda dumb).  

The LLC would be owned by you, presumably - and if a single owner LLC would be incorporated into your personal tax return usually.