I'd suggest building a strong relationship with an agent who can give you proper after repair values as well as understanding if homes are moving in the market.

My wife and I have our LLC set up, but want to make sure all of our ducks are in a row and we are protected properly.

Where can I get the proper agreement/assignment/purchase and sales/rental agreements?

If you think something suspicious is going on, contact the proper authorities.

The option was not drafted properly and was determined to be a sale contract.

Analyzed properly, rental income would cover expenses and produce cash flow.I am tired of NY anyway.  

The rehab cost could be 5k or 100k, you don't know without a proper inspection and plan.

Your intentions were proper, nobody's  going to foreclose, or put a blacks mark next to your name in the record book.

While owning a properly run manufactured housing land lease community can be and normally is a cash cow when compared to other forms of commercial real estate, properly running it requires knowledge, hard work, and some intelligence. 

(I do have a really good credit score and history, at least 750) Will each 4-unit building generate $1,000 at least of cash flow given that we give it proper management/maintenance?