Hi @Christie GahanIt's going to depend on how it was zoned, and how it shows on title.

Here are the key data points:Park info  Located in Alabama61 lots25 owner occupied homes18 park owned homes (14 currently rented; 4 currently being repaired and should be rented soon)18 vacant lotsAvg lot rent - $160 (unknown what the market rate is but it doesn't sound like there has been a rent increase in at least a year, maybe more)Avg POH rent - $400Expense ratio - seller claims 26% but I'm estimating 35% for the lots and 50% for the POH'sCity water - individually meteredSeptic - good condition (allegedly); a couple were pumped last year, none this year (no lagoon thank heavens)Seller claims gross income $130k, expenses $30k, and NOI $100kI calculated gross income of ~$135k, expenses of $60k (55% on POH and 35% on lot rentals), and NOI of $75kOther infoMom & pop seller, but park is listed with a brokerPark has been on the market for > 3 years (recent price reduction)Greater metro area stats look goodPopulation = 115kMedian home price = $105kUnemployment < 8%Household income > $40kHousing vacancy ~ 15%Closest Walmart is 7 miles awayFreeway is 1.5 miles awayNumbersMy valuation is coming out about $80k-$100k under the seller's asking priceWith conventional financing I'd be hoping for a purchase price of $500k, $100k down @ 6% over 20 years (not sure if this is plausible or not)Assuming that financing, I'm expecting net cash flow of $40k (after debt service)Upside potential is in raising rent and filling the 18 vacant lotsFollowing the same assumptions above, raising rent $50 (if the market supports it) would change NOI to ~$90k and net cash flow of just over $50kFilling the vacant lots could potentially increase gross rent up to somewhere between $150k-$200k, depending on what the appropriate occupancy rate is for the areaWithout verifying any of the above information (haven't offered anything yet so there's a lot of DD left to do), the deal seems to make sense. 

The student loan interest can be a deduction too for some folks depending on their yearly adjusted gross income.I also use notes to pay for all types of things.

Park owned homes, i personally would probably shoot for a year on the front end but its going to depend on your plans and goals if you own any of the homes.   

Here need talk to building department for address change. depend on city, some are easy some are difficult.BTW, in some Asian culture, 666 is super good lucky number.

We go to either the Outlet for scratch and dent, or buy used for super discounts, depends on our timeframe for replacement.

Depending where exactly the house is the reality is most Graduate Students/Young Pro's are looking even earlier than late July or early August.

I have used both depending on which had loan terms more favorable to me at the time; for example, I used a 65% LTV private money loan when I had a lot to put down on a house but wanted to avoid making payments on the loan during the rehab b/c I needed the cash flow; I used a 100% LTV hard money loan at a time when I had more cash flow because it required less down and all the rehab costs were folded in so I knew I had the money to pay for the rehab. 

Blake,All depends on what your motivation is with this property.

Well as you know, it depends!