If you mean the mortgage underwrite, it needs to be a complete and functional home with no apparent health or safety issues.The bathrooms can be old, nasty, and gross, but they must be complete and functional. 

I received a conditional approval.

What social or economic conditions cause price-to-rent ratios to be lower in the mid-west and certain pockets of the country versus other areas?

You will be buying it based on the business's last 3 years of financial operating data, plus, whatever you decide to add or deduct based on the park's condition/location/amenities.

It looks like it needs about $10k of work minimum to be in acceptable condition (needs new roof), $30k for full updates, but it's rented out anyway already for $2140/mo for the 3 units.

Danger: Fairly new investor trying to invest in multifamily in a out of state market, thousands of miles away, with little market familiarity, no well establish & trusted professional network there, and money burning a hole in their pocket is one of the riskiest conditions I can imagine, second only to perhaps trying to flip in that remote market.

@Karen A. visual condition will tell you a lot about a property.

Ok here's a property I am thinking of submitting an offer on:1-sf block home 1630sq ft pristine condition(owner occupied) potential rent $13002- duplexes 4 units total 2/1 each rents are $675,$750,$750,850.

The general interpretation is that an IRA and a disqualified party may joint venture under the conditions that: Both parties enter into the transaction jointly (not one buying interest from the other).  

Current value is approximately 65k in it's current condition.