I know this can be a downside, as the time it takes can be a 'turn off' to sellers. 

The part that no one has mentioned is the downside risk.  

That likely costs the same for a small park as it does for a larger one.The biggest challenge you face is the size, it is small.  

My biggest RE regret is lowballing a $330k 4U brick rowhouse by 5% just when the market was taking off in 2000.

Once you cross into this world, your costs of raising capital go up significantly.Another downside with having "money partners" take equity in a holding company is that they become owners of all assets of the company (and inherit all liabilities).You could accomplish your objectives by simply forming a joint venture with an individual money partner on a per-property basis.If you have not done so, give Steven Cohen and George Dubé's "Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor" a read - it's and easily digestible primer on the subject.  

I get the downsides for lots of folks, but I ah pursuing this right now (in the South Bay) and feeling good about things.

Time difference has been the biggest hassle for me.

In the mean time, we're building our team, fleshing out our LLC, and are planning to talk to a real estate lawyer and CPA in our area.The biggest issue we're coming across is being able to obtain financing for a deal.

Full redemption value is the biggest motivator to me.We have some certificates in Maricopa County (AZ) at 16% if you looking to buy.

Josh Engelhart While you are missing expenses (as noted by others) the single biggest factor is occupancy.