The old owner unfortunately locked his tenants into $800 leases which scared away some buyers before he listed.

The previous owner claims they never had the titles to these trailers, so that is not option. 

Sounds like with are under charging our owners by thousands of dollars or they are trying to rip you off.

.)- The property should be appreciating, if purchased in a good location, increasing the owner's equity/wealth.- Rents will be paying the mortgage off, increasing the owner's equity/wealth.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

I noticed that the previous owner let them pay half the security deposit and the other half later, which is a red flag.

Take that for what it is.I like markets as an investor and business owner with median pricing close to or below the median average for the nation.  

When relying on LIHTC to make the deal pencil, yes developers wait BUT only if they have the resources to wait and only if the property owner is willing to not close on the property until the project is fully funded.

Call owners directly and send letters/mailers.  

@Chris Seveney The types of leads I'm targeting are absentee owners, vacant properties, pre-foreclosures, tax delinquencies, and probates. 

Ask to speak with some of their current owners and current/former tenants.