You can fairly collect some form of compensation for being the managing member.

I read that the government (village in this case) takes ownership and pays fair market value to the owner.

Hi,I am fairly new to real estate investing.

Both options you’re considering have their pros and cons.Converting your garage into a studio would give you a fairly quick ROI with the potential for passive income.

Fair enough, thank you!

I’m considering traditional lenders, but open to creative options.If I were to bring on an equity partner, what’s a fair and motivating structure for both sides?

Everything else is fair game. 

I own land and a fairly new mobile home in Henderson Co.

To be fair however, I'm looking for permanent debt on a mobile home park I own in which the trailers are also included in what I own.

This needs to be highlighted in the lease and acknowledged by them.Security Deposits: You can’t use their security deposit for routine cleaning, but if they leave things in bad shape beyond normal wear and tear, it’s fair game to deduct cleaning costs.I’d start by having a straightforward talk with them about the importance of keeping things clean for health reasons and property preservation.