"Parks with well and septic systems create another potentially profitable opportunity for investors who are not afraid of risk. Public water and sewer connections are simpler and easier to deal with, but "some of the best deals...include parks with well and septic," Stephens said.

Even though parks with well and septic offer more attractive cap rates, many investors pass them up because they don't want the headache, Foley said. "Well, I didn't want the headache either, but I wanted the money, I wanted that return. And I have a couple of [well/septic parks] and while I've had some risk and I've written some big checks to fix some problems, I've gotten paid very well for taking that risk."

Investors who own the water and sewer system and don't meter it are overlooking another potential profit center, Foley said. "When you watch your consumption of water, your operating expense for the sewer treatment plant drops, typically by a third."

This creates an opportunity for investors to come in and meter the water and sewer in un-metered parks and see immediate profits. "Oftentimes I go into a park and sub-meter the water and sewer, and it's just like a rent raise," Reynolds said.

Source: http://www.nuwireinvestor.com/articles/mobile-home-park-investment-boom-51204.aspx