You need to have emergency savings and a maintenance reserves...I suspect if you are having trouble building the 3% then you may not have those important cushions in place.

Right now, my preference would be to have as many occupied pads and as FEW "park-owned" homes as possible to avoid headaches associated with rental and maintenance, but that may change as I grow and expand.

I don't understand why the owner of that property would not keep up with the maintenance, but the fact is that they kicked everyone out of the complex and it has been completely empty since the beginning of this year due to safety hazard issues.

I do agree they seem like good tenants and if they were ok with paying $1,500/month with a crappy LL who did no maintenances and only had false promises, it would definitely be a good cashflow buy, especially after a refi.

The business is currently occupying the property would continue to be responsible for all maintenance, taxes, utilities, etc. 

Your main costs will be Property Tax, Property Insurance, Maintenance (small repairs, landscaping, pest control, etc), Capital Expenditures Reserve aka Cap Ex (money set aside for roof, HVAC, Flooring, etc), Vacancy, Property Management, and then any debt service you have on the property.

After about a year I implemented the program tenant cloud which reduced the calls to almost zero because my tenants can now pay online, sign their lease on line and submit maintenance request online.  

@Anthony Hummel I'm curious - what does it entail Platinum Member with ABA and what structure are they proposing to you for what initial setup cost and ongoing maintenance costs?

If you want residual income and not sell with no hassles/maintenance- look into a mortgage wrap .

The property was built in 1920 so it’s not perfect and will need maintenance.