Market bound to go up in my opinion with those factors.

Some loose benchmark goals that I've been come up with and that seem reasonably attainable are: by 5 years from now owning between 5-15 income generating rental units, and by year 10 owning between 20-40 units, hopefully generating at least 250-300k between my salary and our rental properties.

The individual Owners cannot insure the common and limited common elements because they do not have an insurable interest in them; their interest is bound up in the COA. 

Sump pump (blockages, float get stuck, not powerful enough to handle water volume, not throwing water far enough away from house, check valve loose)...one you have eliminated all sump pump nonsense, go 2.

The good news is that if there is anything at all you don't like you can back out, and you will only loose the money you pay to the inspector, and maybe the respect of your realtor:).  

Speculating is a great way to loose money in real estate and other investments.  

Been trying to figure a better system with are business but don't wanna loose out on this deal.

Question, If I were to draft a new lease, I am still bound by the regulation of that I need to provide 30 day notice to raise the rent by less than 10% and 60 day for more than 10%, correct?

Call the county / state well inspectors to learn the requirements and why a park may loose their water system permit

In generality, if the seller is bound to a contract, the repercussions is if you decide to sue him.