Hi everyone - I'm new to investing and I recently completed my real estate salesperson course, and passed the test. 

I'm far from an expert on development... but here is my 2 cents, for what it's worth.Development is expensive, risky, capital intensive and takes a long time. 

Google the Howey test for LLC memberships for determining whether an LLC interest is an investment contract under SEC rules.  

When we got started, I followed the Dave Ramsey system of getting "gazelle intense" to save up, and to pay down debt. 

After my contractors give me a bid for the repairs, I intended to offer 250k to test the waters and see if the owner will counter me with something, and ideally we land on a number between 300k-327k.

That is intense!

Ignoring market cycles and simply using your available funds for the decision , if you have ample time and the background to handle a more management intensive Class C property then do that (assuming you are self managing).

There are no permits on the property so likely no previous testing or remediation.

I believe you must register as a rental, have it tested for lead, and if the home isn't certified lead-free, you'll be paying for testing between each tenant, so you'll need to add that expense into your calculations. 

.$505,882 in real value plus $90,000 of personal property = roughly $600,000 in value for the park as it sits.Your upside is in filling the remaining vacant lots, pushing the rent to $250+ over time, and renting the 6,000 sq. ft. building.Your greatest risk is the private water/sewer system, and the demand in a metro of only 33,000 (TEST AD ESSENTIAL).The potential value of this park is 25 lots x $250 x 12 x .6 = EBITDA $45,000 plus 3 stick builts x $600 x 12 x .6 = EBITDA $12,960 plus 1 commercial building $1,500 x 12 x .6 = $10,800 = TOTAL EBITDA OF $69,000 AT 8.5% CAP RATE = $811,764.The risk/reward scenario is decent because if you pay $600,000 and sell off $90,000 in mobile homes, you have $510,000 in deal and, assuming 25% down, you have invested $130,000 down and, if you can bring the park fully back to life, you have a profit of around $300,000 on your investment of $130,000, which is about a 2 x multiple which you should be able to harvest in less than 5 years if you work really hard and did great due diligence.