You can make a new lease with that tenant proposing a rent raise anywhere from $300-500 but you have to be able to justify it (maybe the property doesn't have central AC, maybe you're planning to do some other type of updating but that can be hard when they're physically living there still if its a bathroom or kitchen) and I would also make it so that that rent increase would go up after 60 days of them signing and agreeing to that new lease. 

Keep it simple versus some of the esoteric structures being pushed.  

We have worked on improving the physical appearance and infrastructure of the park, updating the homes, getting a new sign, advertising it online, and creating a website (www.shadyacreshuntington.com).

Agree with @Chris Seveney- people LOVE making their ownership structures so complicated when you can mitigate risk in so many simpler ways. 

Buy and rent a minor fix property, nothing structural.  

Avoid lenders that want to escrow your payments at closing, this increases your cash to close drastically and, in my opinion, is not the best structure even for new investors.

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

ADUs implies there is a residential building to be an accessory to, but inn my market the accessories can be overwhelming to the primary structure.  

This amounts to lost opportunity because if you had purchased RE, at the closing it can start producing return. 5) ADUs detract from the existing structure whether this is privacy, a garage, or just yard space. 6) this is related to number 1, but there are many more buyers looking to purchase homes for their family than there are RE investors looking to purchase small unit count properties.

I am considering investing in a home to Padsplit, but not quite sure what the best structure for financing would be.