Based on your comments I would think that it was someone that had the best price.

Budget cuts have been hitting Sec 8 for years, allocations are of course based on budgets, this area has not had any new voucher authorizations for years, as others come into the area they bring their voucher with them and is then adjusted to local markets, you also lose those moving away.As pointed out by our new member, welcome BTW, there can be differences in operational administration, not to financial limitations or authorizations.

Given the above current owner is in the red every month $350 and is asking $475,000 for the park.If I am mistaken on any of these assumptions please let me know as my comments are based on these assumptions.From what I am seeing the seller is way out of whack with their asking price. 

I would drop the management entity and collect and operate your business through the deed holder LLC.

Based on my initial research, I'm looking at the 21213 zip code but I'm open to others (no D class neighborhoods though). 

This is a pure appreciation-based investment approach.

Based on what Nathan Gesners relative is selling their 23 acres for  1 mil an acre we have about 100 to 120 million dollar prop once brought in. we have been approached by the big boys we got an offer last year of 20 mil and turned it down LOL  .. my partners are all younger than me and bought their options in their Roth IRAs  its a pretty cool long term play with some risk of course.. but oh such upside for them..

You earn appreciation based on the market value of the property, not your equity.

Look at people who were waiting in 2020 for prices to drop.

Here's a snippet from our starter course on becoming a Local Real Estate Developer and it will help you understand where the value comes into a development project to see how to weight the equity and deal terms based on the experience of the partners in the deal.