A city that looks more profitable on the surface can easily have those profits erased by one bad vendor.  

Surface mold can be cleaned off, but if mold roots into the walls and woodwork, most of that will have to be replaced.

Look for shappy work, no permits, fancy looking surface items like light fixtures and backsplashes....but cheap underlying construction.

This is a very complicated transaction, even if it does not appear so on the surface.

Any problems with surfaces that need to be corrected first?

Your logic is sound, and having just returned from three days in Seattle I will say that the older homes in the parks I saw (not that my sample is representative) generally looked quite clean.But what you are saying seems, on the surface, to be the polar 180 degree opposite of what Frank Rolfe and co are telling people at their boot camps.He claims that the homes in the date range you are discussing (60's and 70's) are worth merely a few thousand dollars - and that the biggest way to get in trouble with park-owned homes is to overpay for them.

Light colored countertops with clean, non veiny surfaces is very popular right now.I see some people throwing in Baltic Brown granite countertops from Home Depot ($30 square foot) and they think they can throw that into a high end renovation.

For me it would depend on where the park is located but that looks like a potentially good deal on the front end. and @Curt Smith, I didn't even have to go digging through a dumpster to figure that out :) But thats the surface, there are a lot more questions, what is the type of park, well run?

I can certainly see you are excited, and it looks good on the surface.

If there were problems with his program we would hear about it as word leaks out and negative reviews start surfacing.