They generally publish regular news updates so you can stay current with the state and community regulations.

However, if you choose to go this direction, make sure to find a company who specializes in parks and is familiar with all the state regulations.

You and him are great friends and if you want to keep it that way you need to be strictly business with him and let him know now that MONEY is great but money does not find good deals, PEOPLE DO!!!!

Another alternative that has not been spoken about is a ROFR and a leaseI wrote an article a while ago about "Why a ROFR is better than option for an owner" (right of first refusal)@Dwayne George You should also read the statute in North Carolina about any lease purchase or lease with option as they are very strict in NC with owners.A note and a mortgage if free and clear should be done with an attorney.Don't do seller financing without a large down payment and really checking on their credit rating and  their ability to pay (net income in vs expenses out)

Now the trick is finding a property that has good cash flow (after all the expenses you mentioned) with those more strict lending guidelines.  

Cash flow is wonderful but we all know there's more to this investing thing than strictly cash flow. 

Single family appreciates a lot better than condos, they also don't have the kind of HOA fee's and regulations 

City is getting their taxes and the regulation has been under discussion in the past 4 years.

@Brandon Hicks I'm not familiar with the laws and regulations and such, but from what I've heard for others that is the loophole around being registered.

Regulations are complicated, see: EPA on UST's