Are you taking all documentation at face value, or do you have a vetting process to determine it's authenticity?

Better value for your investment dollars.3.

It's $63k below market value.

@Atlas Blake House Hack a multifamily that has value add potential whether cosmetic fixer and or adding units to it.   

There are two ways to value a mobile home park. 

Appraisals are based on comps so probably negligible value diff.  

I will refinance in 6 months and cash him out.Once renovated, the property can be valued at 170k-180k ( He mentioned 200k, but I'm not confident in that ).

This kills the resale value if you decide to sell before the lease finally ends.

Once they sold enough units and got under 20% rentals, banks started lending and property values jumped.HOA fees always go up and you may have special assessments hitting you out of the blue, particularly in an HOA that's been mismanaged.HOAs have retired people with nothing better to do than spy on neighbors and report them.

@Nathan Gesner  Some of you may already be aware of whats happened with land values for properly zoned property.