You're essentially buying tenant risk OR relying on your ability to replace tenants with a strong network of commercial brokers.

You need to have very strong management and probably visit the property at least a couple times a year. 

To take that a degree further, a 100% transient RV park in the middle of nowhere alongside a major freeway will likely always be a 100% transient RV park, where that same park in a good location in a strong MSA could be transitioned over time to a PM park where tenants call that a home. 

The market for rentals there is strong, and there is still some opportunity to add value if you know what you're doing. 

It's a lot easier to invest if you are starting from a strong financial position.

After doing my research, I had identified this property as a strong foreclosure candidate, which is why I felt comfortable with the cost of the surplus bid.

I would say it is b- or a strong c+.

Do you have a checklist of things that you would recommend following in order to lay a strong foundation?

Can be more aggressive on future properties.Reinvest income to acquire more assetsWithin 2 years, purchase 5+ propertiesThe rental market in these communities seem pretty strong.

Is it worth considering <5% cap rates and <5% COC for a strong future position?