If you buy in a market that doesn't cash flow, you're just placing a bet.  

BONUS: I bet you can meet a bunch of Realtors who specialize in distressed properties.

Because I am out of state, I am doing one showing next weekend and am betting this will generate at least one offer.

.($175*15) + ($300*11) = $5925 * 50 ~ $300k --> 45% vacancy by value --> $160kYou can go up, down and all around from there, but I'm willing to bet it'll be hard to go all the way up to $475k, even if the whole park is leased.

3) Would a conventional mortgage be the best bet? 

Your best bet to putting together a spread sheet you can use over and over is to get quotes from local contractors then make that your data base on a per square foot basis, unit basis or per linear foot.

Lots to consider and quite a steep learning curve for you, I'll bet.

@Violet Stanoev Welcome to BP You have several REIA'shttps://www.ccia-info.com/http://careia.org/http://www.chicagoreia.org/This should be a good bet for you to find local investors. 

Again, this is just my hunch but your best bet might be small, local banks. 

You'd be betting on the buy-out price, don't believe it's allowed.