If adjusting rents up to market, I highly suggest just writing a normalized new term lease, no reason not to, even if the term is 90 days it's important to have clearly defined expectations in both performance AND duration.

It is supposed to be integrated June 2021 but I am sure there will be some extensions by some cities.

Simply remove the financing contingency, make the earnest money non-refundable and be willing to eat that cost if you fail to perform.

In TX pretty much all title companies perform the same basic functions.

I received its financials today and upon looking, it's 12-months performance puts it at 5 cap, and factoring in mortgage puts CF negative. 

In a nutshell, buyers waived contingencies but then asked a 4 months escrow extension which was given against a release of the earnest money.

The way to determine value on a park like this is not to focus on how the current books are kept, but to underwrite to how it will actually perform if you run the park correctly.  

Fast forward five years or so, I performed a couple cash out refi's which pulled $60K in cash out of the property.

To know how much money you can make for your partners you have to stretch out the numbers no less than  for 1, 5, 10, 20 and 30 years projections on paper.I was involved in two multi-million dollar syndicated real estate deals where I was the limited partner and lost close to $2 million.

None of it is some major high-pressure performance—instead it’s just following the next baby steps in the proven process.