We spotted this home with a pole barn in the dead of winter, in the neighborhood we were moving to, did some comps and made a low-ball offer.

Its a balance between not being seen as uncompassionate landlord that is basically saying " I don't care about your stroke, pay me my $$" and the LL that gets strung along and loses more and more $$ along he way....I would reach out to the family again and get an update.... if after a couple of attempts I would start the legal proceedings and let the family know that your are obligated to follow that path..... it can EASILY be stopped if everything gets resolved, but if you keep dragging it out, you are delaying the LONG legal process and losing even more $$..... you start the ball rolling and you pick it up or let it keep rolling depending on how things play out

So if the park is in a 6% cap market, you would divide the NOI by .06 and that would give you the ball park value of the park.That evaluation is extremely generic and will only tell you if the price expectation from the seller is in range or not.

The nice ones Pull $750 a unit as a standard rental or they are 2 bed 2 bath so could rent to students for $450-500 a room (450x8)My company does property management (8%) and you should cash flow around $1200 a month or worst case $8000% vacancyLess completion in pricing Bc under 5 units.300k-400k for the nicer renovated ones (increase that rental number by about $200 a month) or if it needs work- maybe $200k-285k and put a roof and new flooring in and fix some leaks and still crush it (lower rents $200 overall and still easily rent them or fix them up and pull the initial prediction) (cash flow varies based on purchase price- ball park but I could work a specific real example in greater detail/accuracy)

Even if not pre approved yet, make sure it's in the ball park of what you expect to get approved for.

Definitely get the ball rolling with the home-owner and figure out financing after.

Throw out a bit of a high ball number of say $450,000 and see what they come back with?

If they want to play ball you'll know it and hopefully the conversation leads to an off-market deal.

In the end, just get your first deal under contract and get the ball rolling!

Just takes a little time to get the ball rolling.