When prices drop so that you are underwater on your loans and then you can't make your payments (presumably because tenants don't pay or because you can't keep/or get the property to a rentable condition) or if your lender makes an equity call and you can't come up with any money so the lender calls the loan and you can't pay or sell without a loss (rare).

You have to decide if your willing to pay for empty lots (what's the condition of electrical, water, sewer, cement pad etc at these empties) and the Value of the park owned homes.

I manage the property from out of state but does not require much considering the condition of the home.

Make the property being delivered vacant a condition of the purchase contract.

I opened this line of credit 2 years ago in anticipation of market conditions changing and I wanted to have cash available.

I’d recommend doing the work to see and learn about the property first then justify the offer based on the location, condition, comparable recent sales etc. so that your offer makes logical sense within the context of the market and has a chance of being accepted.

It depends on the manager, the condition of the unit, the demand for a similar unit, the price etc.

At that point, my job is to contact every person who has expressed even a passing interest in the property and see if they want to beat the offer I have in hand.To increase your chances of winning, make the highest and best offer and eliminate as many conditions as you can. 

It's a reference and a data point, but it is a pixel and not a picture.Condition is also a major factor; we get typically 200 to 300 more than calculated, because the condition is nicer than average and people are willing to pay for that.PM's are often a bit on the low conservative side, understandably, they don't want to overpromise, also it makes it a bit harder to find a great tenant.Size is another major factor; tenants are very much shopping for square footage.

IF the property is in great condition he adds 10%.