Obviously, each client has different risk thresholds but a new phase 1 would certainly make sense to determine to see if conditions flagged 25 years ago still exist -especially if the client otherwise really liked the deal.   

The 1% rule is almost non-existent in this market. 

My question is that: 1: I’m buying this rental property, the seller is asking to assume the existing lease but this lease doesn’t have deposit what should I do for now during this buying process and in the future? 

You can look at their true costs, the condition of the park for Capex needs, the reservations that happen, leases that may exist, get inspections - I'm sure you know all this.  

They could be fairly expensive unless they've done this many times before and are willing to simply mold an existing contract to your situation.

There is generally less oversight/regulation with private lenders than exists with banks.

While I live in California, I am actively searching for my first deal in Chicago since it's my former stomping grounds and I know the market well enough to appreciate the multitude of opportunities that exist in the area.

A title agent does not have any say as to whether a subsequent grantee will be an insured under the existing title policy. 

When we buy existing properties, you'll typically have acquisition and asset management fees.

You will have a very hard time buying an existing location without paying above 1.5 times the cost of building.4.