That kind of management experience includes knowing financing options, leverage, loan to value requirements which is missing by posing the question, so, it's not just about getting a loan from a money angle, in commercial lending, management is an important underwriting aspect.Best thing to do is go talk to your lender ASAP and ask if they can swing another deal you found.Also, blanket mortgages have several drawbacks for a borrower since 2 properties are encumbered you lock up the equity of both properties, you may not be able to get a second in the future and you have limitations if you decide to sell one property.

Had questions with their expenses.     6500 repair supplies for 14 single wides and no further repair costs?  

We have a line on some investors who might be willing to partner but before we pursued this angle Vs hard money lender I wanted to have an idea on how we might structure the deal. 

Frankly, I like late fees and don't mind collecting them.Biggest advantage to a PM is tax angles, a passive income, next advantage is another shield of liability, they are insured and often bonded, if they mess up and you can hit them up for some 10M liability matter, I doubt you'll be losing other properties of have cash accounts seized. :)

Maintenance and vacancy for our company, system wide, has beaten expectation.  

Arbitrary option prices, setting an option based on the mortgage payment which were caught up is another issue, as option prices have a determined value as the financial derivative of the current value of the property.While allowing credit of the option price is widely accepted as being fair, there is no requirement to do so.

The belly blanket is still on the underside of the double wide and shows no signs of mold there.  

Doesn't really look that underpriced to me as it's a smaller manufactured home (essentially a single-wide mobile home on a foundation).

In front of me is a strip center with 10 tenants, behind me is a small (~20 feet wide maybe) gully/overgrown grass separating my property from the MHP. 

How would I work that angle?