If the lot rent in all the other parks is the same, then the red flags mentioned above are warranted and caution should be exercised.However, if you find other park rents are significantly higher, then buying it with only a $700 monthly cash flow may be okay, since you can raise the rent over time to catch up with the market. 

While attractively priced, It's 24 pgs of proprietary legal doublespeak that basically guarantees I pay him $35k in commissions whether we close our not, warrants and forever and holds harmless his buyer if hazardous materials are ever discovered on the property and blah blah.

There are several lenders that will do non-warrantable condo loans.

I have never evicted anyone, or even terminated a lease, despite a few situations that warranted it.  

It would have to be a pretty extreme case to warrant replacing it over that.

Typically 60 units would warrant a full time on site manager, otherwise you can have a professional company handle it or have a live in maintenance person that would be able to handle and you have an accountant/book keeper handle the rental reporting. 

I think the specific question for your bank is will they cash-out on a 'non warrantable' condo.

I've dismissed 1031X recently, thinking it was just too complex and expensive to warrant but I want to be clear on all options. 

Some upgrade is warranted and I anticipate 2 months to reno and re rent. 

I would also find out very early in the process if the property is considered non-warrantable as this will make it harder to lend on.