Not sure if you have determined a strategy yet, but one idea to look at is "house hacking".

This will help you determine what currently works best.

That was too costly for me and I am looking for a partner.It seem you have to:have a pool of cash w/ determined e.g have to pay 8% to get it.be patientmake you numbers on those deals that allow you take ownership of for pennies on the dollar.It was not the goldmine that I thought it was or it was pitched by to be.

While you're right that a lender isn't going to make a conditional commitment with no specific property CRITERIA, a good lender will help sort through some scenarios and help you determine your qualifying amount in each.From the sellers perspective, I think it really comes down to not wanting to waste the energy of getting the home shown (which, in a lot of cases with multi-family properties, includes giving the proper notice to tenants) unless they know the person seeing it is actually capable of purchasing it.On your end though, speaking with a lender will also help you avoid wasting any time looking at properties that simply won't work.Feel free to reach out with any more questions!

If he held the property for more than a year, the $120,000 will be taxed at whatever his Long Term Capital Gains Tax Rate is, determined by his Adjusted Gross Income.  

It's easy to get a seller finding buyers and convincing them to buy and determining who the real cash buyers are is the hardest part.

And I still believe everything happens for a reason so hopefully you have learned something that will make you better or more determined.

If possible, how would you determine the comps for this property? 

Granted I have not purchased a MHP, but in my multil family experience when we're helping a client determine the go or no go of a deal we like to start with settling either on a sales price or determining what the sales price should be offered.  

In the context of financial services, secondary legislation is generally legislation that has been drafted by a regulatory body empowered to do so pursuant to the primary law by which it is established.It is also important to recognize the importance of several other important factors: Regulatory Codes, Rules, and Regulatory Guidance Notes when determining a course of action.