Are they insured, operating under a brokerage, Licensed, etc...We run into all kinds of companies that are illegal start ups and use uninsured cash laborers.

CAP rate is a function of market demand and actual Net Operating Income.See if the seller will provide you with three years of Income and Expense statements. 

I own a partial interest in an LLC that owns/operates a mobile home park.

Are you actually prepared to operate a business.

Owning and operating real estate will not qualify.

I handle most maintenance and we always have a renovation running.My grandparents ran much the same sort of operation in New York City many years ago.

Annual income is 70,320 with net operating at 53,171.

@Vlad Denisov if this is a live deal you have to follow the waterfall sequence as written in your operating agreement.

A financial adviser can help with the allocation of capital and alternatives but they can't help with "business" operations.

By analogy, this would be like having airplane passengers wear parachutes instead of focusing on what it takes to keep the plane in the air.I think a better way to protect your equity is to:Maintain the condition of your properties and operate fairly and ethically with constant regard to the lawPurchase insurance to cover any inadvertent negligence and/or simple bad luckVest title in a business entity that fits your partner, business, and tax strategyGood luck on your purchase.