Depending on the property I would/could pay TWICE the fair market rent and it would still be profitable. 

I consider myself a fairly experienced investor so these items did not bother me, rather they got me excited to offer a low price! 

That way, I'd get closer to fair market value but she wouldn't have to pay more. 

This park is fairly small so either you will need to manage it or have a part-time manager nearby to handle issues when they inevitably arise.

You will be moving a fair bit. 

Let me count the ways:1) Licensing and Entity Set Up2) Establishing Proper Bank Accounts3) Creating a Phone System 4) Having no PM education or experience5) Accounting6) Marketing - Of themselves and the homes they manage7) Application handling with screening8) Lease execution - minimal understanding of how to fill in a lease9) Tenant laws and regulations10) Tenant relations11) Maintenance (I should say that 5 times)12) Make Ready issues13) Security Deposit Itemizations (the most expensive failure you can quantify)14) Failing to seek advice or education 15) Service Animals16) Fair HousingI could go on, but one of the biggest and would considered the "umbrella".....is not providing a quality service to their owners and tenants. 

Providing you've a good team around you (knowledgeable/reliable/fair Contractor/s and Property Manager/s) and your analysis skills are bada bing, bada boom, then even the "Headache and Uncalculated rehab cost" won't ensue.

I am fairly new myself I started in October 2013 and have 3 buy and hold rentals.

I'm fairly new to investing myself and have found that BP is a great networking and info source.

It has fairly nice home with even recent renovations done to it.