Tim TrumbleOnline Operations, NACA

You are buying an operating business, to value the business, you need to know how much cash flow it is throwing off.

Truth in advertising: I'm no newbie but have not yet operated this full strategy, but have seen more experienced investors pull it off.

If you have a pile of investable cash burning a hole in your pocket and don't have the experience or knowledge to separate an investable deal from one that isn't, or how to operate that deal after acquisition, then you are better off keeping that money in your pocket (or your friend's pocket as the case may be) at least until you are educated enough to do this and/or the market cools to where there is a bit more margin for error (and profit).

As your buying rental and your debt ration is your current Piti and what negative rental from the property your buying after calculation of thr piti & 25% for operating expense from 75% of potential income. 

I'd love to get some referrals for CPAs and attorneys, and am open to input on the pros and cons of operating in Kansas vs.

Like Chris Soignier said, I don't know anyone who would co-invest without either a preferred return or having the your (as operator / lead) equity subordinate.There's all types, though, so maybe you find someone.

You will be buying it based on the business's last 3 years of financial operating data, plus, whatever you decide to add or deduct based on the park's condition/location/amenities.

I don't want to operate outside of the LLC protection by advertising a name without LLC on the end or will I be covered because my LLC will own the fictitious name?

Tenants that are not co-operating and the such.