Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

I found out they've been there 11 years and have done all the interior improvements which I'm guessing is not uncommon.

For example, I purchased a list from List Source a few months back and at least 30% of the mailers were returned.I'm sure someone has a way around this or a way to improve their rate of returned mail but I don't want to spend the money to figure out how to optimize someone else's list. 

For example, I purchased a list from List Source a few months back and at least 30% of the mailers were returned.I'm sure someone has a way around this or a way to improve their rate of returned mail but I don't want to spend the money to figure out how to optimize someone else's list.

I'm looking at buying with cash from a personal lender then making a few improvements (running electric, water, building, pads, etc.) then approaching the bank for a construction loan and mortgage on the land and home.

Then when I buy the MHP for 155K, bank the balance in the LLC bank account and use the balance over 2years to improve the MHP.

I wish that prior to starting out, I had made it a practice to build my list of contacts and to stay in touch with them.I wish I had interviewed with more brokerages. 

Being that you are only putting 3.5% down, you may have enough left over from your HELOC for another property or some capital improvements on either propertyScenario 2 (refinance on current FHA): Refinancing the loan will allow you to get a 30 year fixed rate on the property you are in and then have the ability to get an FHA on another property.

My first was a vacant office building that I bought, renovated, and filled with four tenants (including my accounting practice).

Generally in partnerships, you would split any capital improvements just like you would split any cash flow or sales proceeds.