You'll need to do the same in order to be competitive for deals like these.If I am you, I am teaming up with an experienced contractor who will walk the property with you and let you know what it needs in order to make it marketable or build value as you stated.

We never experienced this so we had no idea what was going on.

What is your experience and do you have an experienced team to help? 

I'm here to pick the brains of the experienced ones and hopefully I can pass it on later on in my journey.

One of the best things you can do when you are first starting out is find an experienced investor to team up with to help you get some skin in the game.

If you do decide to move forward with your due diligence than I highly suggest you have at least two mobile home experienced handyman walk through the properties and give you an estimate on the repair work needed.

That is not due diligence, that's surfing for acquiescence and anyone can do that.Take a clue from what the experienced investors on this site say and you'll gain knowledge that'll help you with your business, and hopefully, keep you out of trouble.

If you intend to SELL the note, any experienced note buyer is going to want to know what the property is worth. 5.

Other cities like Holyoke have made grown men cry, (read that "experienced landlords give up and sell") because of the difficulty in the tenant base.  

The great thing about this forum is that there are some very knowledgeable and experienced people who offer you the same advice you would pay $100's a dollars an hour to receive.