This helps break down the purchase price between the land, the trailers (which may qualify as personal property), and any improvements like utility hookups.

My question is once I have a deal signed for an apartment with seller carrying back down payment I need a partner/guarantor which would help qualify for bank loan with their income and cover closing costs. 

@Connor ChanterI'm not a CPA but based on your post as long as your mom is the owner of the house in Michigan she should qualify for the $500k capital gains exemption.

The asset has to qualify, it is typically not based on your personal qualifications.

Would need to know a bit more to say for sure, but be sure to ask about those benefits you might qualify for.

Owner of real property needs a loan, but does not qualify under institutional financing criteria2.

Our mortgage was significantly higher than our flood insurance, and I don't know if we qualify to try to apply for FEMA or if there is other assistance, and if so, if we would apply as a business (we file it on our personal taxes as rental income).

It's a pretty interesting concept if you qualify for it. 

Most lenders will want to see 2-3 projects completed in the last 3-4 years in order to qualify. 

They would be the ones to answer that question based on your credit, income, debts, if you qualify for down payment assistance, etc.A second point, is that if you find a house within your means and don’t overextend yourself, you will likely come out on top in terms of housing costs compared to renting in the long run.