I might have a deal buying a mobile home park, How to start?
I am new to real estate investing and still have not made my first deal. The market in Idaho Falls and Rexburg area has been rather difficult to find any deals the conventional way. So, during my search for creative ways to make deals a friend mentioned that his landlord, at the mobile home park where he lives, wants to retire and sell his park. I am extremely interested in talking with him about possible seller financing or other options that might benefit us both.
I have tried to read as much as I can from John Fedro because he seems to be the master at mobile home parks but there is just too much. So my question is, where should I start? I want to be as informed and ready as possible before approaching the owner of the park.
Are there any articles I should read or advice that might help me?
By the way, all that I know about the park at the moment is that he thinks he wants about $1M for it, there are around 50 mobile homes, it looks like there could be room for 20 more units, it is a nice community, and lot rent is currently about $200/mo.