You mentioned buying a fixer upper with your HELOC and now are talking about a 20% down payment.

As mentioned have an attorney or title company draft the note and mortgage.

I would go with a combo W/D unit just like @Greg M. mentioned above.

As to the buddy I mentioned in Washington state it was the same scenario; he converted tax-free up to their standard deduction but above that he kept within the lowest tax bracket and paid the smallest amount of tax possible.Thank you @Basit Siddiqi for calling me out on this and giving me a chance to address my mistake; it's important people have the correct information.  

The issue I have seen with these types of properties is they could have two valuations - the value of the real estate which the structures will have little value and you have the land the other is as an operating business just like a bed and breakfast would have - real estate has value but it operates a business now you mention 12k / month but if someone also has to manage the property what is that worth and what would someone pay to manage a property like this?

Building a relationship with tenants is important like others have mentioned.

@V.G Jason @River Sava @Lisa Jones @Ben Pileggi @Gregory Schwartz @Jay HinrichsAnother silver lining I forgot to mention - Good investing partners.Having solid partners who can share the load (financially or logistically) during disasters can make a massive difference.

as other post mentioned, it appears that its personal property and not real property and taking it over like someone would take over a car. 

@Sawyer Smith, you mentioned that you’d be running the fund yourself.. it reminds me of a situation my cuosin found himself in a while back.

Let's analyze each issue you've mentioned:1) Tenancy Length: besides issues a landlord can't control, like death, sickness, job loss, etc., the actual management of the property & tenant play a large roll in how long tenants stay in their home.