There is a certain of value that must be allocated for the land.

You may want to hire someone to consult with to make sure you are doing everything correctly.The issues that I normally catch are people not properly allocating expenses to business and personal.For example, mortgage interest will likely be split between personal(part where you live) and business(area where tenant live).Furthermore, I often see people deducting the full mortgage payment when only the payment to mortgage interest / real estate taxes are deductible.best of luck!

The reason MHP investments are more favorable is because a large % of the value of the property is allocated to "land improvements" rather than a building. 

What do you recommend we do in terms of learning the best way to allocate the funds for investing and in general learn what in the world we are doing and what we should do first.

There was a thought to work with the city to get the name of the road and neighborhood changed as we would be cleaning up the area and could help allocate the stigma quicker.

How much time and effort do you have allocated?

No matter which depreciation method you choose, you will need to allocate part of the sale price to the tub, using its fair market value at the time of sale, as correctly suggested by @Christopher Smith.

How can I allocate tools I bought to do the work?

If PITI is $3900 and rent is $4300, the PM fees all inclusive alone will consume your expense allocation.  

I have set up a budget and allocated my money accordingly.