I know a lot is done in cash at RV parks, but would the seller be held liable if it was discovered they they lied on those sheets?

Said we lied and covered up repairs.

@Ali Boone I am not going to lie, flying planes and doing rentals!

They lied on the application.

@Erik Harrison, once you figure out where that growth is going to be and if it is a place you are comfortable "getting started", therein lies your answer, just my two cents, but am certainly no expert. 

IMHO it's borderline "lose your license" stuff if he lied about the condition of the property he was representing for the seller in order to try to get you to buy and collect a double commission. 

Not only do you need to verify and vet the inputs (people will lie and tell you pro forma numbers, always look for the trailing 12 and don't use rosy projections).

My concerns lie in the quality/type of tenant 1-br units would attract vs. 2-br units, as well as the increased cost over time of appliances/etc. 

I think that I have the imagination and understanding (Jesus I sound arrogant, Almost don’t want to publish this but the I would be lying to myself). 

But you will spend an infinite amount more time managing your real estate than you would managing a 401k account.So therein lies the tradeoff.