All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

@Richard Benjamin WilhiteSince you inherited the land, I believe your cost basis is typically the land's fair market value at the time of inheritance. 

I would set up calls and then sit in and listen, every day, typically a few times a day for around 6 months.

For most DSCR loans, down payments are typically around 20-25%, depending on the lender and the property type.

I won't say how many offers we make on properties for ourselves or clients in a typical week. 

It is a great deal for the silent investor as they typically make 50% - 100% COC in less than a year.

Insurance typically covers only the directly damaged area, not undamaged flooring, even if it's continuous.

@Sakib KhanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

House gets foreclosed on when a borrower is not paying its debt obligations - typically its mortgage.buying foreclosures is not for the faint of heart as you have no idea of the interior of these properties lastly while it can be beneficial also realize if there are a lot in an area those homes are the new comps when trying to sell so it lowers home values in an area 

Typical cost for the setup would be in the $15,000 range which would include production of the Private Placement Memorandum, Subscription Agreement, and Operating Agreement, Investor Qualification Forms, as well as filing Form D with the SEC, and state “Blue Sky” filings in those states where your investors reside.