I'd try to find forclosures in nice areas so you get a little built in equity up front, established areas, not new vinyl siding cookie cuts, get it "rentable" where after 10-15 years you still have room to "flip it" on the end for max value.

Then he established a LLC called 1106 west grace st to hold the title of this property. 3 months later, once the property is sold, Joe would immediately close this LLC.

Perhaps looking at what comparable parks in the area rent their pads for, might help establish some realistic numbers to go by.

The reason the agent had you sign it was just to establish the relationship between you.  

This will at least establish if the leak is on you or on the city, Before you spend big money. 

I also, due to the advice from the podcasts, began establishing a relationship with a lender at a local bank.

Once that is established, how should I or do I purchase the home?

We are looking for multi-families in the greater Madison area, but would like to finance through an already established LLC.Thanks,Brandon

As far as I know there was never a pet security deposit collected and the previous owner simply never gave them trouble about it.Looking for some recommended courses of action for this tenant.Ask to cure?

Pre-foreclosures are possible if enough time to cure prior to the sale, but can be difficult as well.