This is something I have been thinking about as well.I'm about to close on a 16 unit property that has a full basement and I am thinking of ways to either get more income from it or provide more value to the residents for their dollar. 

Alex - I am in Tampa and invest in MHPs full time.

If I have partners I guess I could always use them as the POF base in stead of myself.I understand not being able to list the contingencies for a land deal but its really as simple as saying "Due Diligence" and then when the number don't work out in your favor, once the DD is done, you simple say the numbers dont work and you get to back out with your full EM payment?

Regarding costs, a full cosmetic redo will easily hit 100-150k for this area.

"after full consideration of your application and my requirements, I feel that this relationship will not be a good fit for either party.

At 50 lots its just too big for a part time manager and a full time salary drives up OpEx at least to the 35% range.  

MLS -- I winged the whole thing, paid full price with 3% down and paid PMI, but it worked out nicely in spite of my being a naive amateur.

I use 3% vacancy, 5% capex, 5% maintenance for this particular property (*Full Disclosure: my day job pays my bills, so in reality I'm setting aside 100% of cash flow, but some of that money will also go towards more purchases).

And yes, that transfer would permit the lender to demand payment in full of all amounts due.

I’d like to transfer them to an LLC however from what I understand if a property still carries a loan and title is transferred to an LLC the lender may exercise their right to require the loan be paid in full.