In the end we're hoping to have a 4bd, 2ba with a small yard and parking for 4 cars in a very desirable area near a college and public transportation.  

 http://www.executiveprograms.com@James Park 

I have recently been asked if I'd be interested in purchasing a mobile home park for $69,900 that produces $1,900 monthly income with 5 more spots available.I have no clue where to get started and what questions to ask.Please help me in where I should get started regarding mobile home park investing.Thanks!

I do not own a park, but I own quite a few mobile homes in parks, and I'm fully capable of operating a medium size(50-100+) lot park.I have a couple of guys who are interested in a JV. 

Here in California you can get hit with traffic impact fees, environmental mitigation, park fees, etc. so you want to know exactly what is going to be required. 

Before I ask this, I know people are going to respond that it depends - and I know that it is true that it does depend - but I'm not asking for an exact answer, just a rule of thumb/ball park of what a reasonable discount rate for determining the price to pay for a non-performing 2nd note?

I believe in the future of Los Angeles and think that if you buy in a decent neighborhood (looking in parts of Hollywood, Echo Park, Mt Washington, USC adjacent, and other transforming areas of LA), get a tenant to pay the mortgage, then repeat as often as your capital allows, you will look up in 20 or 30 years and have both substantial income and massive asset base.   

If you work in the cost to replace a roof and tuckpointing into your offer price and get it accepted, there is nothing wrong with that.I'm not sure where your 4 family is located (I thought I saw something about the Gravois Park area but don't see that now) but from what I have seen, unless they are 2 bedroom units, not many apartments in a 4 family rent for more than $450/month. 

Brooklyn Park has some really depressed home prices for SF homes.  

Hi Aaron, This is the mobile home park group.