Had to fight tooth and nail to allow some existing stuff to be ok as is.

Price is $275K, he won't carry anything back45 spaces12 lot rent28 park owned (would sell those to tenants on owner financing/rent to own to get to lot rent)5 Vacantpark homes rent currently $400-425lot rent currently $125- I think market is 175-200, but not many parks around so has been hard to get numbers3 bed houses rent in nearest large(ish) city of Florence SC (30 mins away) rent for $800-900city water and sewersmall park footprint wise, just 2 roads- 1 paved 1 dirt- and all houses in the middle of it, very small footprint, tight parkArea:Marion SC, super small town, but is 10 min from super walmart, 30 min from Florence, that is the nearest MSA (technically Marion is not in one)Marion small, slowly dying town; Florence growing, solid city/townFlorence metro good growth since 2000, like 17%, low unemployment, everything looks solid there.Numbers:I am pro forma-ing it at $150/space lot rent, 40 spaces, $6K/mo, after 45% to expenses is $3,300/mo net/mo... which is $39,600 net/year14.4 cap on property pro forma12 cap on property based on 125/mo lot rent at 40 spaces.

The good news is that if you get the roof done correctly with the extra nail, your insurance will likely be significantly lower.

What @Ashish Acharya nailed as the issue is that the contribution of that property after the exchange into a disregarded LLC (one member - your tax return and doesn't file it's own tax return) is perfectly fine.  

I’ll reiterate a few things and throw in my two cents in hopes that our responses collectively will help you nail down the best approach for your specific situation.  

@Anthony Wick@Linda Weygant hit the nail with the answer.The partnership will report the income to the partner managing the partnership as a guaranteed payment. 

Paying late, but paying, is a nail-biting relationship for sure. 

Look for properties in this area to understand pricing, and just as importantly, start to nail down rent values.

@Jerel Ehlert thanks for the insight that pretty much nails this down then and I have a full understanding thanks for the heads up it is actually a relief in knowing that I can just go on a month to month even though they marked those out and still exercise terminating the lease with the tenant upon notice.

I always install nail down wood or tile under cabinets.