We just made an offer on a 37 pad park with 7 POH's and our initial offer was 11% CAP rate on the NOI and shell value for the homes which range from 91-01'. 

There may be a further due to find out if he can transfer the property title to LLC once the property is paid off (The repayment plan is in 3 years or less) or have it transferred to LLC once the company has had the sufficient time to establish its credit but that would of course mean that we would have to pay for underwriting twice.If there is a blindside to this I am not aware of please freely share your thoughts.2.

California subjects estates to probate at very low thresholds, and often having a Will is not sufficient to avoid probate.These are all things you will want to discuss with your attorney and CPA.

I did some comps on my unit and for a three bedroom, its looks like a range of 1700-2100.

Similar sized houses in the neighborhood that are up to date are ranging from 650-850k.

If you do decide to keep the properties in your personal name, I would highly recommend getting sufficient (and likely even more-than-sufficient) liability insurance.

-Comps in the area range from Listing Price between $15,500 and $34,000 Selling Price between $29,000 and $34,200- I purchased the property for $1600 at the foreclosure auction -$10,000 in for complete rehab Including roof.

I'm targeting properties in the $100K - $200K price range, with the intention of using traditional mortgages for financing.From the outset, I do not plan to set up an LLC; first, because I don't think most banks will lend to an LLC, and secondly because I don't think such relatively small investments will arouse the attention of ambulance-chaser lawyers. 

Also, required if each property is under separate LLC.If all properties are under the same owner and you are planning to use accounting software to track transactions by property, then one checking account is sufficient.

Looking in the $200-$250k range, preferably SW Florida, as close to oceanfront as possible due to increased rental potential.