Trailer Park without owner the land

[Phil Haynes]

I have found an opportunity that look's good on paper but not sure if I should pursue it.

I originally thought it was a mobile home park with 45 units but it turns out it's 45 units within a mobile home park.

We'd never own the land only the units.

I drove by it yesterday knowing which units and it seems to be at least 50% of the park or better.

My initial #'s show it would cashflow nicely but my question is how risky is this.

Also how do I valuate the trailers?

I'm assuming I could never refinance once getting all units looking great.

Would love feedback.