@Anand Narayanan  I'm a small time NPN investor, in my experience finding good notes to buy is one of the biggest challenges in this space. 

Recently, I closed a similar transaction and on that transaction the private money lender was not comfortable with just a mortgage, so he required three personal guarantees as well. 

We are doing our first private money deal so we can pay cash for a property up front, renovate and then apply for a conventional mortgage in our names and pay our investors back.

Got this one yesterday for my STUDIO honeymoon cabin:2 stars“Feel where this house is all one room no privacy”'Cause, y'know, studios are so known for their multiple rooms...Other complaints in his private remarks included getting lost on the way to the cabin... when I provide explicit directions and clearly state in the check-in email that it's up a private drive that doesn't appear on GPS.  

You should never trust the seller's P&L especially in thinly-traded private assets like MHP (i.e. no liquidity due to hardly any buyers/sellers for most parks).

I have looked into adding my name to the deed as joint tenants, or tenants in common but my biggest concern is that if anything were to go wrong (e.g. while renting it out), my dad’s name would still be on the deed and therefore still partially liable (I would like to assume full legal liability).

It's very difficult to find an actual manager or hire a private party as there are liability and insurance issues. 

The house is the biggest project we've taken on so far, and I am hoping to manage this mostly on my own.

. - Have the funds lent to you, secured by your primary residence as a private mortgage, and it's no longer a gift.

Hopefully that will turn out to be the biggest mistake I make in real estate.