There's really not much reason for a seller to sell their home at a deep discount if they can list with a realtor and get it sold that way.

@Nabil Suleiman I've done long term rentals in the past (not in ER though) so I have experience with long term tenants... just never dived into Airbnb and thought this might be a good opportunity to try/learn something new (add an extra skillset to my tool belt) if the demand justified it.

I hope you find what you're looking for and are able to dive right in!

Dive into self education and self improvement constantly and stay fit.

Option one is definitely attractive, I’ll play around with that one first... as far as my partner and I go, we’ve developed a level of trust so deep that even if one of us meets someone and moves away, we would still make this happen.

I also spend time in West Palm Beach, FL and have some ties to Charlotte, NC (where my uncle is getting deep into Real Estate investment as well, he told me about BP).

Though if you are asking this, you should probably also consider all of the risks of development, such as if the area has an oversupply, if you have deep enough pockets for it (as there will be significant equity contributions needed for the loan and for holding costs until you can get to stabilize occupancy, etc). 

@Lawrence Gillett I just posted a response to a similar thread, so I will share that same guidance with you here:To properly value a park requires a fairly deep understanding of how they will operate, given all the potential variables.

Good deals go quick and good contractors are BUSY with more work then they know what to do with.You will be going against investors from all over with deep pockets some which have no problem "over spending" ....

I know how much I made and generally what went wrong and right, but not much other number crunching the way I do with my other businesses.Recently, I went back over several years and did a deep dive analysis of my flips, flips I have just invested in and other ones I have been involved with.