This is exactly the size and type of small park we look for. This is not a comment on price etc. but rather a few comments on your concerns about the park owned homes and financing.
In small parks it is quite common for most if not all of the homes to be parked owned and in fact, I prefer that they are (I know that is outside the norm) for a viariety of reasons not least of which is the greatest control of the tenancy and protection of income from future zoning changes that suddenly outlaw you from replacing units (don’t ask me how I know that).
Appraisers on the small parks tend to use the income approach. This does not discount the park owned units or disregard them at all. The appraiser is supplied with copies of my leases and expenses broken down. He compares them to the norm in the area and the puts them into the formula.
Since the park owned homes have higher income and higher expenses, there is no discount, just simple math. Net Operating Income. From there the appraiser determines a CAP rate for the park and whalla… a value is given.
Like most any other appraisal I have seen or heard about, if the appraiser can safely defend appraising the property for what the bank wants to loan, then this is a non-issue.
The type of banks you want to work with for financing are the small, local bank. This takes a face to face approach and likely more than one. You have to get past the folks in the lobby and in front of the true decision makers. You may have to try several small banks but you only need one yes. Once you get it, future financing gets much easier.
Documenting yourself in great detail and detailing the deal is of equal importance.
Don’t try calling a few banks. Don’t try asking the receptionist in the bank lobby. Don’t try walking in empty handed. Most of all, don’t quit when you get told no. We all get told no, even now. Banks have the cheapest money and most of it to loan. It may take work but the money and terms are well worth it. You will eventually get a yes.