As for your taxes this lenders know investors write off everything so you don’t pay taxes so their UW know how to extract the actual income from your property as long as you are a good standing borrower.

I would have extracted value out via the refinance and be prepared for all outcomes including no appreciation. 

So, this answer tells me that its not Impossible for the tenant to extract product from the leased land.

DREs cannot pay their owners wages/salary as they are not considered employees.Only S Corps and C Corps can pay their owners a wage or salary.C Corps are the only one of these entities which have "double taxation" in the traditional sense of the word, which means both entity level tax and tax on extraction of capital (via dividends).Disregarded entities do not.Multimember LLCs (MMLLCs) taxed as partnerships also cannot pay their owners a wage/salary as owners cannot be employees for federal income tax purposes.The article also suggests you can choose between employee and independent contractor classification. 

You want them calling you with houses that won't sell, tenants who won't pay, repairs they can afford, and everything in between.As the problems start flowing in, get some practice listening, asking good questions, and extracting relevant info.

@Adam ByrneThe way you're doing it -- extracting management fees via 1099 to a Schedule C -- yes, it will be subject to SE tax.Again, you may want to talk to your CPA about waterfall allocations, which will require agreement most of the time from the other LLC members as an amendment will most likely be required. 

It is a form of extorsion that many tenants are using now to extract money from landlords for their bad behaviour.

Especially if you can get a reasonable price on a land home deal and be able to extract a good chunk on the MH and have a lower cost basis for your lend, can generate strong returns.  

Do I simply seek to net out ok financially or should I constantly be striving to extract more money?

I feel I can certainly continue to study the Philly neighborhoods to extract where value might be.