WHAT do i do about the balloon payment? Good deal?

[Justin Escajeda]

I hope I can get some good feedback, thanks in advance..

Ive been negotiating with a mh park seller for a couple months on a park on a very populated highway with new development emerging around it.  That is not why I want the park though, I am in it for the mh park itself.

13 Lots

Currently @ $260/lot   (will be increasing by at least $25)

water: $200/month         sewage: $488/month     taxes: $250/month  trash:$40/month  insurance: $110/month

9 lots currently rented  Homes on 2 vacant lots need removed

Purchase price: $119k

I got seller to hold the note for 12 months, at $5k down.  My question(s) is, does this look like a good deal, and what happens if I cannot get the money in 12 months (bigger fear)?  Ive never purchased a mh park before (just mobile homes), nor have someone not 100% finance a property to me.