I know there is better out there for me and I don’t want to wait tell I’m 65 or 70 to enjoy life and have financial freedom.

You want the NOI to reflect the current condition.  

Depending on the condition and the level of rehab, you might get away with 8% on maintenance if you are lucky. 

For a home to have value in my eyes, it needs to be brought back to life.

However pending the condition of park owned mobile homes and existing pads/utilities I think this has a lot of upside due to location and a growing city. 

Buyers tend to overstate the condition of the property and understate their expenses. 

Easy peasy.Just make sure you include all the disclosures and addenda and review the sellers disclosures like property condition, lead paint, etc. 

Things like what market it’s in, what condition is the property in, what the rents are and what the market rents are, and most importantly what are your goals.

Everything has an anticipated life span but not everyone is going to own the property throughout that entire life span.Roof example, you buy a house with 5-10 yr old roof, you realistically want to hold on to it 10-15 yrs max and then 1031 into something bigger...

Trying to establish a work/life balance will be tough.