It's all about the net, meaning, what it costs you to manage, repair, maintain, turnover, etc. cheap housing and poor tenant quality is a bad business plan.

The numbers seem decent to me but this is out of my wheelhouse and would like to take on a partner who is familiar with mobiles in parks.I have the basic financials that the owner provided and the owner will provide bank statements,rent rolls etc should we decide to proceed. 12 of the mobiles are SW 1 is a DW..they are older but seem to be in decent shape and appear to have been well cared for. 100% occupancy.I would like to learn and make a bit of profit and can even help with finding quality property management in the area as well as due site inspections etc as it is located within easy driving distance of my home.

Here are some bullet points that stand out:Raise was successful - $365k in 10 daysAlignment in our deal taking a promote in lieu of feesSeveral other developers I know that I consider quality folks are considering using them.  

For what it is worth, I would also agree that there are several high-quality people on these forums who run Turn-key operations who have a great deal of integrity with the way they do business.  

if it has wood shake, it will likely need all new OSB decking, but even with that and 2 layers of shingle removal, you would be at no more than $500 per square or around $9K in my market in KC....I don't know of any roofers in your area but sounds like you should definitely be able to get it done  right for WAY less than $15k...if you don't get any good roofer recommendations, try BBB, Angie's List or NARI ( National Association of the Remodeling Industry) for quality roofers and get a few bids....don't trust a "guesstimate" from another agent or anyone else who is not a roofer

Newly constructed <2 years ago by a developer known for quality construction.

This is a very important question, as you're surrounded by bad quality tenants and potentially corrupted PMs.In conclusion, I think it's high risk high return investment.

After comparing what I saw online and while doing research in Memphis for a month prior to going out there, and then seeing the actual home quality when I was touring, I would almost never purchase a house without at least visiting the area once and knowing a lot about who is selling me the home. 

@Dannie Barlow Can you get access to all the properties, so a quality home inspection can be done?  

I would get quality insurance and then I would open up a separate checking account.