Slumlords defer maintenance. 

It's been hit on multiple times already, but it can't be overstated: Find good tenants.Beyond that, remember, little things can quickly grow into really big things, so don't defer basic maintenance.

I have also used 1031 exchange to defer capital gains taxes on properties I've sold, after a nice large profit at sell.

This defers any taxes on the home, which can be a great boost. 

The last thing you need to do is take your CAPEX budget and invest it into something, and then have to dip into personal funds or a HELOC because you robbed Peter to pay Paul.One way you can avoid all of this...and a mistake I made and tell people whenever these posts come up...is to have a healthy budget set-aside already for each property as a "deferred maintenance" catch-all.

I do know that capital gains tax is only deferred through a 1031 exchange so eventually it will have to be paid.

Being undercapitalized (inadequate reserves for the inevitable fact that most investment property will have capex, deferred maintenance, or tenant issues/vacancy in the first year) 3. underestimating capex, deferred maintenance, tenant issues/vacancy in the first year (or two)

Some of those variables are the size of the park, number of vacant spaces, number of POHs, number of vacant POHs, number of MH spaces, number of RV spaces, the park amenities, the age of the park, underground infrastructure age and condition, park location, size of the market, value of SFR in the market, water or well, sewer or septic, other utility sources and whether or not they are direct billed, deferred maintenance, cost of management, and more.However, there is a basic "back of the napkin" evaluation that will usually tell you if the deal is worth a closer look.

and you can do a 1031 and defer tax on the rest. 

overpriced and lots of deferred repairs needed.