My strategy for this deal was to take on responsibility for the POS items, offer no contingencies (after my agent and contractor visited and took video), and all cash.

Hypothetically if it all went into this park and your partnership had a cash call for say a big maintenance item like a septic tank failed, you can't just fund it from your personal checking account.

Buy a nice, newer home in a solid class B neighborhood and take care of large items up front, if necessary.

I wrote an article about it a while back you might find helpful: https://www.biggerpockets.com/blog/2014/12/23/investing-out-of-state-essential-items-to-vet/

Look at personal guarantees/corporate on the lease and business updated financials and personals on a quarterly/biannual/ or annual basis.There are tons of other items to look for.

The MPP Formula requires you to itemize your Fixed Costs (instead of just simply applying 15% of the ARV).  

Construction estimates are a sum of all of the items to be repaired or replaced, both major and minor.  2 houses side by side may be completely different. 

Unfortunately it does seen like this property is very unique so it would be unlikely that you would be able to comp exactly "like items" in this case. 

It's hard to evaluate the numbers since they don't show a line item break out of the expenses.

Some other items were Diversify investments, and do your homework on the Sponsor.