What percentage of that deal is fair?

Location is fairly good, land is on a major rd and the back part of it connects to an established neighborhood with older brick SFR’s All units a tenant owned, utilities aren’t included and overall condition of the park is on the low end.

I am actually fairly familiar with the O-Zones & O-Funds (at least as much as one can be since Treasury hasn't actually issued guidance yet.)  

The amount of rental income to include in effective income is based on 75 percent of: verified prior rent collected on the units (existing property), or the appraiser’s opinion of the property’s fair monthly rental (proposed construction).

- Should I pay taxes, Insurance, and HOA fees myself to ensure they are paid?

This matters because if I’m getting financing, or to ensure the association is solvent.

Of course I’ll treat the tenants great and fairly, but it still has me nervous.

@Jermaine Riggs   Remember the 6PsPrior Planning Prevents P*ssPoor Performance There are steps that you can be taking today that will better ensure you will be able to qualify for the best of terms on your purchase in TX.1. have a Mortgage Broker run a Tri-Merged MORTGAGE credit report and pay the extra $15 for them to also run the "What If" score increase simulator to know how best to pay down debt in the interim2. start eating MREs and saving like a maniac until you close as the more money you can show in reserves Post-Closing, the better the programs you can qualify for.etc,etc,etc,   

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

As most things, key is buying right and ensuring that you have the right relationships to do so.