Originally posted by @Thomas S.

There many things you need to know ideally before you make an offer.Your first thing and not necessarily be the most important is the first impression when you drive like the building(s) and the landscaping, is it's location good for your tenants, the mix of the floor plans, can you add any value, Make sure when looking at the income and expense records that you looking at actual financial statements.Are there any nearby schools and are there there any nearby amenities and what type of the parking is available to the tenants, how any nearby apartment locations and what, if any, are they doing to attract prospects, look at all units and do not let the current owner trying to get you  not to do that, how does the current rental rates being collected near the market average, does it need any capital repairs or rehab right away,does it have a positive cash flow now, is it being properly managed by property management, and is there any nearby retail development and do its match your target market.

Without knowing the status of the project, I would like to add that you might be able to save some taxes if you sell your land to a closely held S-corp. if you dont do that, the appreciation in the land will be taxed as ordinary.

I would also love to have a quick talk if you can, to get a bit more details about particular subjects :)@Wes S.

(I don't mind sharing it - I won't get it anyway - so if it is truly a deal and a BP member can get it, all the better)Details (read the Zillow description - the listing details are wrong): Address: 6610 52nd Avenue Ct W, Graham, WA 983384 mobile homes for $156,000Each home is a 4bd/2ba with laundryCurrent tenants pay $1700 average rent per homeSpace rent is $700 per lotThe numbers (per month for all 4 homes):Total gross rent: 4*1700 = 6800Total lot rent: 4*700 = 2800PITI: 860 (this is for the full $156,000, i.e. all 4 homes)Vacancy - 15%: 1020Property management - 10%: 680Maintenance - 10%: 680CapEx - 5%: 340W/S/G (this is a wild guess - I have no clue): 4*50 = 200Total expenses: 6580Total cashflow: 220I feel like I've been quite pessimistic with the estimations (e.g., 15% vacancy), and it still produces a positive cashflow.

Originally posted by @Thomas S.

I need advice to setup the contingencies in the P&S to my favor so I can back out for any reason I see fit.  

@Thomas S.

To me, as long as you are getting their FICO score (Not the Vantage score b/s that they are promoting), criminal and eviction history, you are pretty much set.

I have seen deals that make sense where the General Partner(s) took 60% but because of the pref rate and the equity split the LPs had a nice return and were happy to invest.