You can typically get higher cap rates in the rougher neighborhoods, such as Westwood/Fairmount, than on the east side, even what most considered rougher areas of the east side, cap rates have dropped, Madisonville, Norwood, Evanston, Etc.

States the report shows a handful of minor issues but nothing of major concern. 

Flood insurance is typically something purchased separately but for any other type of damage suffered as a result of the storms (tree through the roof, broken windows, etc.) we would have been covered. 

Couple of ways to improve the accuracy of your numbers:Consider adding vacancy as a % (typically 5-10%) because it's impossible to keep all unit 100% rentedNeed to add CapEx for your future big costs (roof, HVAC, etc)Considering adding a reserve for any other unexpected expenses.Keep up the good work!

Looking for general discussion, not necessarily specific feedback.How does everyone typically handle this sort of situation?

I would borrow 30k for between 6mos and a year (the seasoning term before a refinance).I know it's all negotiable, but we just want to know what's typical?  

Any back are typically resolved at close, no?

Then use reports to put the information in an organized page.I cannot tell you how to do it, but I think that is a better path to invest your efforts. 

If it is just the business and not buying a building or the land beneath it then it is not generally a real estate licensed activity.You need to check for each state what is or is not required.You could go on a site like Rocket Lawyer etc. and for a nominal fee ask the question.In commercial real estate transactions you can generally have consulting and other fees on the HUD-1 as RESPA does not typically apply.To look for more businesses you could look at bizbuysell.com  Sellers typically want 3 times gross profit earnings so if 100k a year after expenses they want 300,000.

Depending on what size parks you are looking for , 3rd party management isn't typical for this asset class , at least on the smaller size.