Because he was someone that was a former classmate of my son, I asked him to call me after normal business hours so we could discuss his interests and plans.Here were some things that came out of that discussion:He has the intelligence  and the money to buy a land lease community, and it could be a very good investment for him.He knows next to nothing about owning and managing a land lease community, but as a former Lonnie Dealer, knew a little bit about manufactured housing.Because I believe, “It ain't what you don't know that gets you into trouble.

At some point in the cycle market rents will cool back down to normal levels.Stay away from landlord paid utility at all costs and tenant friendly states.

Also, if the first girl does not have good credit (she told us this from the beginning due to medical bills), should we make her pay an extra deposit, if so how much more is normal?

These assets normally are in need of a capital improvement campaign and/or a serious management turnaround.

Originally posted by @Nayeem Khan:I would get a floor grinder and sand down the top coat of the cement. ...Although this might normally be good advice, the OP stated that the flooring had been asbestos.

I would not bother trying to 'back out' any of the mortgage or other normal household expenses and try to justify that as profit.

Is the faucet supposed to break after 4 months of normal use?

@Tram AmbersWelcome to the site.Owner occupied multi family is a great way to get started but does have it's negatives.I would make sure you took your time and only placed someone who would normally qualify as a tenant but also someone who you could get along with.

Still looks like it could make for a great deal but with historic buildings there are many things that come into play that you normally wouldn't encounter.  

Airy as well, and recently have been doing some normal maintenance/replaces on my home such as brick pointing, new wrought iron railings, new steps and patio.