There are a bunch of laws and procedures that he needs to know and just starting out no doubt he will be "learning" on your house.  

It's a good thing for the public these contracts have come under various new regulations to curb the predatory types.Option contracts are under some new changes as well, not understanding these contracts can cause a taxation nightmare, mess over a seller and as you asked, the results can be harsh, especially on the operator who got a seller in a financial loss. 

Yes, you have come to the right place, or one of the right places to learn about real estate.Before you begin, I suggest you read a blog I'm about to post that contains new federal regulations from the FTC that govern real estate dealings.

Drip irrigation is the way to go as far as water savings , make sure its netafim drip tubing and the contractor installs it with a pressure regulator . water is measured in gallons per hour vs gallons per minute . 

I know there are many folks not complying with these regulations and probably will go their entire career unschathed; however the first time a disgruntled, litigious tenant sues because of a deposit disagreement and the courts discover that the applicable escrow accounts and general practices were not governed under a Broker's supervision, the years of "saving money" will be lost in one fell swoop.  

More likely is that once the home is abandoned, then the abandoned home procedure for the state takes over and the park owner can eventually take ownership of the home but there are precise steps they must follow.I have a guide called, "So you want to build an RV Park" which covers more details of the benefits of building vs. buying.  

He has stated their usual procedure is they can guarantee me a profit of $10,000 per $100,000 spent.

An owner can look at cash down for security and possibly overlook the other problems to do a deal as they are not regulated by the feds and state like the banks are. 

Don't know IL laws and procedures, and I'm guessing you don't either.

Get in touch with a 1031 intermediary and learn the regulations.