If it wasn't for your inability to control the homes around you, I would say you just start evicting everyone who is not paying, breaking the law or not following park rules.

As you experience, grow, and learn more, you'll have a better understanding of how things work and what ventures may be best suited for your personality and lifestyle preferences.

Or to truly get some expertise behind you for credibility and build a brand, work with an attorney and draft up both the promissory note and a joint venture for good measure.

Hospitals, schools, colleges, corporate offices, airports, malls, etc.Local laws (rent control): Some municipalities are more landlord friendly and some are more tenant friendly.Neighborhood feel / Pride of ownership.

I do work for a company who has an LLC that we may joint venture on projects. 

When I hear those stories I always think about Kenny Rogers, "Don't Do The Counting Til' The Dealings Done".I never count someone else's money in my mind because so many people are so full of B.S. and they tell you they are getting rich, but they don't tell the truth and after time passes I find that most of these people's business ventures didn't pan out and these people made either very little money when compared to their effort, or they actually lost money.Here is an example.

They say 9 in 10 businesses fail, but I was well beyond 10 so I didn’t have high hopes for this venture.

I'd maintain control, and the operating agreement would be such that if we don't pay me $x/mo, he could take full control/position of the LLC.Alternatively, I could stand up an LLC and have the seller make a $75k loan to the LLC with terms, and acquire a commercial loan for the remainder.

What would be the best (cheapest) HVAC system for a duplex conversion type project with the goal of having independent climate controls in each unit?

My biggest apprehension is that this $36,000 down payment is going to cut pretty deep into my cash reserves (pulling this out of the stock market) and only leave me with about $15,000 for future ventures (without dipping into emergency fund/savings).Not sure what the right answer is here.