It is imperative to check the landlord-tenant laws for the jurisdiction of the rental property.We collect the security deposit upon signing of the lease/rental agreement and do the move-in condition property inspection report before we hand over the keys.

Without knowing the market or property condition, is there any improvements you can make to the property that will help you come out ahead in the long run?

Many of these properties in decent if not really good condition.  

Do you not care about property condition?

From my experience you have a 33% expense ratio which does look a little underestimate for a C neighborhood, I would use 40% - 45% even if it seems to be in good condition. 

However, the reason why MHPs are considered the favorite asset class to weather a market correction is because they have the ability to continue to perform through tough economic conditions. 

Subject property is a 14 unit complex,  built in 1980s,  decent condition with no major repair anticipated.  

Make the estoppel a condition that must be completed during the option period.

I'm a retired contractor  so poor condition is a plus.

They paid the rent on time all the time, kept the place in great condition, and never complained about anything.