@Kenneth Hynes, The first thing to do is to go over the current lease in detail and ensure all the correct provisions and protections are in place.

They can't move out six months later and blame property damage on the ex-spouse.This document should clearly explain what happens with each party and then it MUST be signed by all parties to ensure it is binding.

Ensure there are no hidden fees!

You're correct; our decision to pursue developing a new MHP is based on demographic data and economic employment analysis (aka, base employment analysis) which, when coupled with other specific reference points, clearly indicates an opportunity.

@JEFF D. wish I could be more helpful to you, I have bought and sold 2500+ units and never had to do a Phase 2.As you finish out your due diligence period, and assuming you will sell this asset at a future date, a Phase 2 could limit the number of buyers in the future so give this 12 unit deal a real close look to ensure it is a solid deal.Good luck!!

Do your research of the neighbourhood for crime stats, rentals versus owner-occupants, sometimes cities provide this information or other data sites.My first rental was in a questionable area, and it was quite a learning experience.

@Chris Paul Not sure if you negotiated with the tenant to pay half the deposit or if you're saying the PM is going to pay the other half, but I would strongly encourage you to ensure the tenant is paid back all of their security deposit PLUS interest within 45 days.

Appreciate your feedback and this is learning experience for me to ensure going forward any above and beyond work is completed by a third party.

And if there are other sources of data that I'm missing.

Ensure there are no hidden fees!