Due Diligence Checklist

What to verify before you close — organized by category so nothing falls through the cracks.

📋

Financial Verification

  • ✓ Request 3 years of profit & loss statements and reconcile against bank statements
  • ✓ Verify rent roll against actual lease agreements — confirm site count, rates, and occupancy
  • ✓ Normalize seller add-backs: remove one-time items, add back deferred maintenance
  • ✓ Cross-check utility bills against reported utility revenue; flag any under-billing
  • ✓ Confirm all revenue sources: site rent, storage, dump station, laundry, cabin rentals
🏛️

Legal & Title

  • ✓ Order a preliminary title report; flag easements, encroachments, and liens
  • ✓ Confirm current zoning designation allows RV park use — check for nonconforming status
  • ✓ Review all existing leases, including long-term or seasonal agreements
  • ✓ Verify there are no pending code violations, citations, or enforcement actions
  • ✓ Confirm the entity holds the correct permits and licenses for the jurisdiction
🔧

Utilities & Infrastructure

  • ✓ Identify water source (municipal, well) and confirm capacity for current + planned density
  • ✓ Identify sewer type (municipal, septic, lagoon) and confirm last inspection date
  • ✓ Inspect electrical pedestals: note amperage per site (20/30/50 amp mix), age, and condition
  • ✓ Test all hookups on a sample of sites — confirm water pressure, electrical function
  • ✓ Map underground utilities if records are unavailable; use locating service before any ground work
🌍

Environmental

  • ✓ Order a Phase I ESA — required by most lenders; flags prior industrial use or storage tanks
  • ✓ Confirm no wetlands, floodplain encroachments, or FEMA Zone AE/VE classification on improvements
  • ✓ Check for any prior UST (underground storage tank) records in state environmental database
  • ✓ Review stormwater drainage and confirm no chronic flooding issues
  • ✓ Verify there are no outstanding environmental consent orders or state agency notices
🏗️

Physical Inspection

  • ✓ Walk every road and note pavement condition, drainage, and signage
  • ✓ Inspect bathhouse(s): plumbing fixtures, HVAC, tile, ventilation, ADA compliance
  • ✓ Assess pool/amenity condition and confirm code compliance if applicable
  • ✓ Inspect office and any on-site structures for deferred maintenance
  • ✓ Note site-level issues: unlevel pads, overgrown screening, tree hazards
📊

Market & Operations

  • ✓ Pull competitive set: map parks within 20 miles, compare rates and amenities
  • ✓ Verify online reputation: read all Google and Campendium reviews, note recurring complaints
  • ✓ Confirm seasonality pattern — get monthly revenue breakdown for last 2 years
  • ✓ Assess management structure: owner-operated vs. on-site manager vs. third-party
  • ✓ Identify deferred capex: list items that will require spending in years 1–3 post-close

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