You can always add features later.Regardless of what type of analysis you’re making (back of the napkin or full blown UW) always double and triple check your 1) exit cap; 2) rent growth; 3) property tax reassessment.Hope this helps! 

A quick back of the napkin says this is a deal worth pursuing tho: 19 x $245 x 12 months = $55,860 less expenses of 40% (estimated) = $33,516 NOI which should be more than adequate to service the debt, plus do some upgrades to the park.

Choose something standard, that most investors use and your CPA clears as a good idea, such as a single member or partnership LLC for a buy-and-hold, and then focus on making money.So many things about your life and financial situation can and will change between now and your hypothesized "exit" that coming up with an elaborate "exit strategy" strikes me as a waste of time, time that should be spent figuring out how to run & profit from the investment instead.If you absolutely must come up with an "exit strategy", to check off that box or something, then my recommendation would be that it should be something so simple that you can write it on a napkin or in one reasonably-sized paragraph (3 or 4 short sentences max).

I'm creating a website for it, but once you learn the terms and formulas, you can run the numbers for yourself on a napkin over donuts and coffee. 

I have this statement in the lease "tenant will, at its sole expense, keep and maintain the premises and appurtenances in good and sanitary condition and repair during the term of this agreement".

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.

A friend sends these to me every morning. Some are spot on real estate.

Good Morning,

When God looks at you He says, "I accept you for who you are, as you are." God loves you unconditionally. D...

I do not suggest a  hand note written on a napkin...which I've gotten :).

FrankThis is an awesome post and the first time I have seen it put this way - which is great for a back of napkin analysis on a MHP.

It’s a good back of the napkin but it’s not good for go no go