Hey Christopher, I'd say kipping thorough research on the property, local market and potential tenants.

There are several factors to consider when deciding whether to replace the old mobile home with a newer one or renovate the existing one.If you choose to replace the old home with a newer one, some "gotchas" to be aware of include the cost of purchasing a new used mobile home, transportation and installation costs, permits required for the new home, as well as potential landscaping and foundation work needed to accommodate the new home.

So our realtor association and their team of lawyers puts together a compliant lease that pretty much everyone uses.

Additionally, I'm based in Michigan, and I would like to know if anyone in the community is familiar with companies or professionals in Michigan who can assist in the process of forming an LLC and managing the legal aspects of transitioning Airbnb properties.Any insights or experiences you can share would be immensely helpful as I navigate this potential transition.

Or where the funds to purchase come from (except that they need to use all of their 1031 proceeds in the purchase).The only time there will be a potential issue is if the daughter goes on the deed. 

Be aware of hidden damages in foreclosed properties, factor in potential vacancy rates, and consider property management for a larger portfolio to streamline operations.

**A tip when interviewing a potential buyer's agent, ask the agent about the conditions for commission compensation when the seller is not offering full commission percentage to the buyer's agent.

Here are the people I use for contracting (lawyer, plumber, electrician, punch list guy, etc).

I am wondering if I should let others know about this potentially risky "investment"!?

In terms of cost, you just give up a percentage of the potential collected rents so there normally isn't' an up front cost to send someone to collections.