Also, there's a process which will cost money to put a mobile home on top of the lot including movings costs, hook ups, set-up fees, etc. 

100% want to use an attorney to draft your docs.That being said, before you draft docs you need to figure out what the GP/LP structure is (equity/splits/fees).

Once fees and improvements are taken off too we should be maximizing that.

He is a former financial advisor and is currently the CEO of a company whose slogan is, "You invest...

What it sounds like you are looking for is a 'Stabilized Bridge' which, like Erik stated, buys you the time to hopefully sell at what you are looking for but might even get you a little cash out in the meantime depending on how the financials are looking.Good luck!

•Closing Costs and Fees: Vary by option, with HELOCs generally having the lowest and cash-out refinances the highest.

Hey @Jordan George, as a Torontonian working in the US (currently in Dallas) for the last couple of years I'll echo all the major points already made above.Lending standards and qualifications are tighter back home than in the US so you won't find near the number of financially distressed sellers in Canada (generally speaking) but anyone could be laid off/have a health scare/divorce at any time of course.

Especially in Partnership land - the complexities of amending a partnership return are not cheap, and if you have 20 partners that now need to all amend their returns to get their 100% bonus depreciation later, that is a lot of compliance fees just for not wanting to extend.If you just file as is with the 80% rules, you can always amend later if/when it gets bumped to 100%, so that isn't a significant problem, just an extra step.What I would not recommend doing is filing as 80%, and then not bothering to fix it if it goes to 100%. 

I suspect that a domestic kit builder (including mobile homes) would be a bit cheaper by avoiding the freight, import fees, etc. 

Just trying to educate people on financial literacy as many only look at the "sticker price" and do not think of alternatives for comparative purposes.