The way to determine value on a park like this is not to focus on how the current books are kept, but to underwrite to how it will actually perform if you run the park correctly.  

And third, I just learned this today: In order for me to be able to qualify for a FHA cash-out refi, I have to own the property for at least a year, meaning no longer the 6-month “seasoning period” if going FHA.Is there any other options that I can do?

@John CarlsonMy advice is to start with a market you want to invest in and then identify a secondary and third market to increase flexibility.

Fast forward five years or so, I performed a couple cash out refi's which pulled $60K in cash out of the property.

The cost varies a ton based on the condition, location and performance.

None of it is some major high-pressure performance—instead it’s just following the next baby steps in the proven process.

They feel that if they hand over their prized asset to a third party, the other people will not be able to run it as efficiently as they do themselves.You must realize that when you are a landlord, you are in the tenant business.

Chase, Wells Fargo, etc.) are down ~66%, ie. they are only doing a third of the business they used to. 

But the vast majority of 1031s are performed by nationwide QIs in other states or not local to the actual property.2.

Grooming also plays a role as well as keeping up with the property and performing inspections.