Sure the old owner 'helped' the tenants by never raising rents, but ultimately they are getting kicked out of their parks when the owner is done managing his investment.  

I will ask my local investor friends what structure they are using and ultimately will most likely meet with a CPA.

. :)First off, if you haven't read Chris Voss' "Never Split the Difference" and listened to podcast "The Ultimate Guide to Negotiation", do so right now! 

I think you need to push budget to $200k, maybe slightly more.You should put together a very defined scope or work if not drawings to use when bidding otherwise you will be all over the place with numbers that will ultimately change when construction begins. 

With older (and many not so old) buildings, it's almost impossible to prevent their entry, but it is possible to make the building less attractive of a place to stay.Mice breed quickly, so ultimately they become the property owner's problem regardless of how they entered and whether the tenant laid out a buffet enticing them to stay.  

Ultimately this will serve as proof as her impeding repairs.She also seems to be a "professional" tenant- suggest getting a lawyer to have her out ASAP.

Ultimately I may get into that but right now I think APT complexes are my thing for larger equity growth / cash flow.

Also, I'm a huge fan of bringing consistent quality products to market,building a brand and reputation around this, which ultimately pays of 5 fold.

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

If they forgo their fees in exchange for equity, then they can participate as equity share holders in the amount that their fee would normally be, but they just get paid at the end.You can ultimately propose whatever you want, but each party brings value to the deal and should be compensated accordingly.