My gut says that if things start to go poorly, a fix will be implemented quickly.

However, we were surprised that we found a tenant ourselves rather quickly off of militarybyowner.com and he's been there for the last 4 years. 

Just get rid of them as quickly as possible and run your business.

I understand I need to find the deals faster, but just how quickly do other people pounce on these things when everything seems legit?

I'm wondering if there are any real estate attorneys or mortgage law experts that would be available for a quick call.  

You will have to put up with being treated with all the mechanisms that the society excludes aberrant people: contempt, ridicule, disregard.The best thing that I can say about the second point is that once you do start making some money, it's amazing how quickly the same people that treated you like garbage start fawning over you.

Essentially almost ALL of the cash flow on the first paid for property had to go to pay off the notes that quick, but it allowed us to buy another 400K worth of good rentals for 'nothing down out of pocket' (just the equity we already had). 

don't forget about mowing, snow plow/salt, some turnover, taxes for your manager/workers comp, free lot rent, money for your management time, accounting software, LLC set up cost Your going to have more of a greeter in a park like this, which would be free lot rent only and maybe $5 a lot...smaller parks have really thin margins...if you have 2 tenants move out, die, leave town, get arrested, whatever, you then lose 14% of your tenant base and monthly income for the property, get to 5 tenants and your at 40% which could throw your loan into nonperforming very quickly unless your willing to come out of pocket on something like thisjust to show your top gross revenue will never equal 40,000(210*14*12=35,280)just do your diligence and i wouldn't pay more than 200k for something like this...and thats a stretch or if there willing to carry some of the papersomething this small, don't turnover to a property management company because they don't know what their doing normally with a park like this and their going to charge 10% of revenue probably.

That 5 years goes by too quick. 

They want to close quick, and they want you emotional, these are their normal business operations.