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In the space of just two years, as the pandemic drove people outdoors and office workers by the millions learned they could do their jobs almost anywhere, campgrounds and RV parks have become a hot investment sector. And yet, despite this explosion of interest, there is remarkably little published guidance on how to find, evaluate and buy a campground, much less on how to manage one. The few how-to guides on the subject are either outdated or superficial, rattling on about general small business practices (make sure you get liability insurance/know your target audience/keep accurate financial records, etc.) without ever delving into the peculiarities of a quirky, demanding industry that requires its operators to combine the skills of a farmer, hotelier and cruise-ship director all in one. Moreover, all of that comes against a backdrop of extraordinary challenges that go largely unmentioned, from extreme weather to pervasive labor shortages, even as fuel prices hitting historic highs threaten the industry's underlying business model. So why is institutional money piling into this corner of the commercial real estate market? And is there any room left for the smaller players, the mom-and-pop operators who have traditionally built and run family campgrounds? Headlines about multi-million dollar deals notwithstanding, there are in fact hundreds of campgrounds changing hands every year, and not all of them end up in an investment portfolio. With more than 12,000 private campground