My question is that: 1: I’m buying this rental property, the seller is asking to assume the existing lease but this lease doesn’t have deposit what should I do for now during this buying process and in the future? 

You can look at their true costs, the condition of the park for Capex needs, the reservations that happen, leases that may exist, get inspections - I'm sure you know all this.  

They could be fairly expensive unless they've done this many times before and are willing to simply mold an existing contract to your situation.

There is generally less oversight/regulation with private lenders than exists with banks.

While I live in California, I am actively searching for my first deal in Chicago since it's my former stomping grounds and I know the market well enough to appreciate the multitude of opportunities that exist in the area.

People like this tend to be more committed, take good care of the place, and know the ropes already.

A title agent does not have any say as to whether a subsequent grantee will be an insured under the existing title policy. 

When we buy existing properties, you'll typically have acquisition and asset management fees.

(This is often done on a monthly or quarterly basis) Syndications are often 5-7 year commitments, so it is important to know going in that you will have access to the sponsor if you have any questions or concerns about your investment.

You will have a very hard time buying an existing location without paying above 1.5 times the cost of building.4.