I have SFHs and a few small apartment complexes, but this would be a first for me.Quick run-down:45 lots, with no room to expand18 full - 15 POH and 3 paying just lot rentPublic Utilities, proper zoning, paved streetsSmall town, around 45 minutes from any sizable town; around ~2,500 residents that are mostly blue collar, lower incomeI believe lot rent should be around $250-300 per spot once full and stabilizedCurrent asking price is around $200k, with expenses running around 35-40% of gross incomeMy initial plan would be to give all POH to the current tenants if they agree to re-sign lot leases and update all utilities and other facilities as necessary in order be prepared for additional homes being moved in.  

@Colin Youn You might want to read these: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investorhow-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesPrepare your partnership with these questions first:questions-for-capital-partners/real-estate-partnership-questions/questions-ask-investment-partners/If you decide to proceed, I think you should have an LLC formed going in a limited partnership with your(s) partner(s) LLC.

Do they have all the programs to properly take care of all their needs?

I live in the East side of Tucson and since moving here in June of 18, notice that investors buy these houses at a price that doesn’t allow enough $ for a proper rehab.

Proc. 2002-69 and 2002 C.B. 831, a husband and wife who are the sole owners of an LLC and reside in a community property state can choose whether they are treated as a partnership or disregarded entity.You have to understand that tax and legal matters are different. 1) for tax, you will be reporting on your personal return, Schedule E.2) for legal purpose, LLC is a separate entity, and it has to be treated separately from your personal finance.

Properly screening them.

I'm curious as to best practices people might use to evaluate market value properly. 

This may be a good solution for you but be sure to understand the law and operate it properly so you don't lose the protections afforded.Most investors I deal with own the property in their own name.

@Stanley E., right, but then I lose financing options as Fannie and Freddie do not allow banks to lend to LLCs.

We will obviously ensure they carry proper insurance, abide by the law, and submit to regular inspections.Question: if they live in the home and operate a business, would you charge them additional rent for the business side?