You would absolutely create legal docs that outline the expectations of the loan and the repayment.

So you can either lower your return expectations or lower your bids when making offers.

I would expect one may be able to go a little higher than 70% as long as the numbers still work and the property is still cash-flow positive.If these questions are already covered in the forums then my apologies as I have simply not made it that far yet. 

Expect broken cabinet doors/hinges, holes in walls, broken window treatments, stained carpets, and walls that need complete repaint.  

I liked this episode a lot more than I expected when I read the description.

So he was expecting $75 worth of moonshine for a one night stay worth $100.  

Hence, I would start with the seller's P&L, normalize income - by adding/deducting and modifying revenues/expenses - to make it more reflective of reality (or your expectation or reality) and then use the income valuation approach. 

Built in 1980's, some deferred maintenance, have not done inspection, I expect surprises--but since it is inhabitable I do not plan to make any value add changes until the bridge loan has been paid off. 

Generally speaking if it isn't friable or broken up then many people in my area just keep it painted well when it's outside which prevents it from becoming damaged/airborne. 

The alternative is a mound system, which you can expect will run 6 figures to install.I have heard stories of parks that make very little money, if any, because the pump truck expenses eats all the profit.