I have excellent credit but I want to make a sound choice.

Sounds like it isn't.Call another Title Company and explain the situation.  

You may not need the reserves in the first few years but you should expect to pay about $1500 per year of tenancy when you go to turn the property.That sounds like a good deal to me.

I have two property management referrals for you, depending on what style of management you're looking for:Real Property Management North Puget Sound - Larger company that is part of a franchise.

I am mostly looking in South King County in the Renton/Kent area, but if you know any in the Puget sound area I would eager to make a call!

If the tenant is on lease still (which it sounds like he is not?)

This way I could increase my rental income without sounding like I increased their rent by 28%. - on a side note, even after 28% increase, their rent total is still about 30% below market.

Here are the key data points:Park info  Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense. 

Does this sound right?

I  was told that most tenants go month to month after initial lease is up, but something about this sounds fishy.