With this disclosure, you may have to undertake a Phase I Environmental Assessment - your lender or insurer may insist on it.We had a very similar deal on a multi-family a year ago - when the Phase I and some soil sampling came back strongly indicating remediation, we - and our lender - insisted on placing a substantial portion of the purchase price (30%) in escrow to cover remediation costs.

Some more googling shows some nefarious ploys people undertake with the money up front.

Hopefully you bought the park for a song and have deep pockets.I've seen a few parks turned but its a huge undertaking and very frustrating.There was a bank owned park here that auctioned, 83 sites, our bid was $113k.

As a general rule of thumb, whenever an appliance such as a refrigerator, dishwasher or washing machine, that is more than 8-10yrs old, or whose design is more than 10-12 years old, breaks, and the repair estimate is >15-20% of the cost to replace {with one of our standard models}, we replace the appliance.In most cases, the energy efficiency of the newer appliance, combined with our experience that once you under take the first "major" repair on an appliance of that age, the time to the next one is measured in months, not years, makes purchasing a new appliance the better solution.

I see DF as turning the park purchase into a much more complicated undertaking now.I like that idea of being able to target a park with park owed homes in that it makes it very difficult to get outside financing, and thus increases your leverage to push the park owner to consider a seller financing set up.

You have to decide what you want, what level of engagement you are willing to undertake and what your goals are. 

There is significant alpha for those willing and able to undertake value-add and development strategies in the top performing markets.

If you answer no when you should have answered yes, you'll likely find it very hard to sell your house, and worst case, you'll have the county coming after you.There are always ways to cut corners in this business (like not pulling permits when you should), but that's how you get a bad reputation, and it makes staying in business that much more difficult.Why don't you put together a detailed list of renovation tasks you plan to undertake and list them here.

That said, that would be a pretty serious undertaking in its own right, and I just don't have the bandwidth.However, I believe that if we get enough people sharing their feedback on what's good and what isn't, we can probably crowdsource some kind of formula that works for a club . . .

Obviously, the costs of such an undertaking is completely based on location and the cost of materials and labor in your area.