Currently, I use part of the rent excess to pay my monthly car note and cell bill.My potential partner is successful in the CO concessions industry but I am not too how savvy he is in REI.  

I would love to put some of this excess cash to work in other properties. 

It doesn't sound like they did a lot of excessive damage. 

The notable exception is if you buy at the top of the market and need to sell at the bottom, but that is why you need a "margin of safety" in the form of excess equity created by a "killer deal" to insulate you from the short term market fluctuations.

In Florida for example, MHP tenants (when > 50% are Tenant Owned) can vote that a rent increase is excessive and take action to keep them lower.Looks like you've got your bases covered for the most part.

Still, <5% per year in taxes does seem somewhat excessive. 

@Dawn Anastasi I also prefered not to put water in the tenants name until we got some high consumers now we either pay it and pass through the cost or include it but have an excessive use charge.

As for the late fees which you found out are excessive, you likely just won't be able to get a judgment for that since it's above what the law allows.

Everybody talks about and warns about the due on sales clause which is in just about every mortgage these days but never in all my years have I or anyone I have heard of had a lender actually excessive that clause so long as the payments were made on time every month.The seller has to be willing to agree to have his or her credit at risk in the event you the purchaser fail to make a payment which is why a third party loan services should be made as part of the contract and serviceing of the loan.That all said, a red flag pops out at me as to why this “gentleman” had this opportunity fall in his lap and wants nothing for it.

Any future property I buy (down payment comes from excess income on the quad) will be managed remotely by me (looking in same neighborhood) or I’m training my adult son to be a superintendent so I can have him live onsite and help me with the day-to-day management.