It seemed like the solds were more in the 130k range versus 145k. ( I am from NY so I do not know this market just looked it up) The property does seem a bit older, and from what you mentioned above it seems like 3k is quite a bit low for repairs unless you are a DIY type of person.

Based on their portfolios versus mine, I'd say they are much more savvy and successful than me at the moment.  

Builders Risk insurance while you're doing the renovations.As for LLC versus self, this is more a question for a tax and legal professional. 

Huge difference between a realtor who just sells retail versus one who invest him or herself.

You have to assess the cost of repair first with your capital outlay versus the upside profit potential of the property.If the capital risk is high for a lower to medium profit then you might want to JV to diversify.   

We have two clients that own and operate such funds and if you consider your dealer status will get you taxed at ordinary gain like 35% Federal and almost 10% in most states versus paying them just 8% then everyone wins - I am simplifying this as best as I can but there are certain rules and steps that must be followed to be in compliance with the IRS but I assure you most brokers are unaware this is possible and the 1031 exchange companies will certainly not share that info because it can impact their business tremendously!

Feel free to post your question and several will give you honest responses.To get a good handle on value we need to know 1) Number of pads in the Park; 2) Number of occupied homes in the Park; 3) The current lot rent; 4) How many homes are owned by the Park versus Tenants; 5) What is the age and condition of any Park owned homes; 6) Is the property on public utilities or well / septic; 7) Any known major capital improvements required (e.g. roads, utilities, tree trimming, etc); 8) The asking price from the Seller; 9) Demand for housing in the city or town; 10) Are the cost of utilities passed along to the tenants; and 11) is the lot rent below, at, or above other MHP's nearby.These are the basics just to help see if this deal looks okay on the surface.

Good opportunity I don't know the pitfalls doing an owner finance versus a rental but I'm open to any suggestions or advice, please help!

Sounds like you are going to put more effort into not letting them know who you are versus screening and finding great tenants.

I focus on retail also as a commercial real estate broker.Most developers hold at least 1 year to pay long term capital gains versus short term.