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
Get the Full Checklist in Your Inbox
Each week we publish deal breakdowns and operator case studies that go deeper than any checklist. Subscribe free — no fluff, just the intelligence active buyers actually use.
Subscribe Free →