In addition to what he has shared, I like to build a pro forma to see how I think the park can perform when I am done doing all the work. 

I have read through every pro-forma provided by FIG for each respective project.  

It seems like a good opportunity to expand our experience but it doesn't seem worth going through a broker and at only two properties its not worth trying to form a management company yet. 

I think where people miss on these is that they underestimate their pro forma expenses. 

That’s a big expense jump that wipes out many a property’s cash flow, so always pro forma taxes based on sale price or ARV before investing in TX.

He admittedly said water has been an ongoing headacheNeeds complete rehab, I've seen his bids and he's quoted $500k to get everything in tip top shape.Post rents would be in the $14,000 rangeHe's been talking to an agent who created a post rehab pro-forma valuing the property north of 1 million dollars so he's stuck at this valuation for now.

Other loan options will have worse terms, but the numbers below are assuming you found a way to put down $35K and get 3% rate (I consider this scenario unlikely, but it is what you presented).50% rule with an HOA fees that exceeds 25% of rent is almost certainly aggressive (much more aggressive than I would desire in my pro forma).   50% rule: $1600 (you were not sure on current rent so I use the conservative number) - $800 (50% rule) - $822 (P&I: 30 year at 3%) = -$22/monthif we used 55% (which is still not as conservative as I would use in my pro forma with that HOA fee): $1600 - $880 (55%) - $822 = -$102/monthIf we use 60% (this is the range I would use in my pro forma with an HOA fee that exceeds 25% of rent): $1600 - $960 (60%) - $822 = -$182/month.Initial principle paydown is $335. 

Did the sellers give you a Property Disclosure form as part of your contract/negotiations process?

Currently you can only form a Series LLC in seventeen states:Alabama, Delaware, Washington D.C., Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Montana, Nevada, North Dakota, Oklahoma, Tennessee, Texas, Utah, and Wisconsin.

Understanding that there are a lot of inexperienced investors who are excited about starting their RE investing journey (this includes myself) at some point in the future, it was clear to me, as someone with experience in analyzing RE deals ( pro forma property performance, markets, submarkets, capital stacks, investment and exit strategies, etc.), that your average, "just-starting-out" non-accredited investor might not get the full picture of the risk associated with some of the investment opportunities offered on this particular platform.But again, yes, you are right about understanding the author / writer.Thanks.