During the feasibility period you will want to:1) Perform inspections of the property2) Get estoppel certificates from all the tenants3) Get all leases4) Get copies of all financial information, including copies of all expenses paid for at least the last year.5) Get rent roll6) Determine if a certificate of occupancy is required, and find out if the seller has one.Those are a few of the items you will want to see during the feasibility period.As far as the HVAC, if the unit was installed in the 80's, it's well past its useful life.

I may be biased because it's my adopted home, but Austin is nice.It's rated #1 by Forbes as a boom town:http://www.forbes.com/sites/joelkotkin/2016/01/14/...Top three cities to find a job:http://austin.culturemap.com/news/city-life/01-04-...One of the best to start a career (which is different than finding a job:http://austin.blog.statesman.com/2016/02/03/austin...Ranked #1 city for young families:http://austin.culturemap.com/news/city-life/05-10-...There are a lot more of these articles, these were just the first five that came up when I Googled "best cities to live".

In order to determine if $5k capex is a good number, you should have an understanding of the remaining life in the roofs, and how much replacement will cost, whether windows are needed during the time you'll own the buildings, HVAC life expectancy and replacement costs, etc.  

Have a nice life.Don't wanna know, don't need to know, have a nice life.

A couple of months back I started really thinking about my path of life and reflecting on what I really wanted to do in my life and where I wanted to be.  

Hell welcome to BP your life will be changed forever by joining BP

I'm from West Bloomfield/Waterford and have lived in the Detroit-Metro area all my life. 

Trailers old and in decline, yet still rented for the most part....Price is decent or probably be negotiated to such.My question is can a MHP come back to life with an infusion of newer but used trailer replacements and some investment in infrastructure or has the long years of decline permanently turned away future potential?

Talk to your financial advisor about Exchange Traded Funds and also about Indexed Universal Life Insurance products.  

So, making money now would be nice, but helping this family and gaining some real life knowledge is equally valuable right now.Thanks for reading!