This sounds like a GP/LP Waterfall deal where there's a 16% pref and the LP (you) get 30% of the profits after refinance.

So you are putting in various inputs/assumptions, like gross revenue (total sales prices of homes) less soft costs, hard costs, city fees, desired profit margin (i.e. 15% of gross revenue) = residual value (what the land is worth).

I’m considering selling and using the proceeds to reinvest in a long term rental closer to where I live but before I do, I am curious if you think a rental management company may be able to help boost rentals, thus making this a profitable property? 

All the rental income, appreciation and profit when selling is tax free!  

It has a lower turnover than STR but can bring in higher rent than traditional leases.Co-Living Arrangements: Renting rooms individually on a month-to-month basis could generate more income than a single long-term lease while reducing management hassle.Furnished Long-Term Rental: A furnished rental could allow for higher rent and attract tenants who don’t want the STR commitment but still value flexibility.Partner with a Local Boutique STR Manager: Some local companies manage STRs with lower fees than Airbnb's traditional managers and could help keep profits up without 20% fees.Hope that helps you with your decision!

If you do end up splitting profits and equity 50/50 then make sure you account for your management.

If you want to make a business repeatable, scalable, less risky, and more profitable; you need to know what you are buying and selling or buying and renting.

Proper setup from the start can prevent major issues and ensure you're profiting from the start!

This method allows you to take some of the profit tax free and indefinitely defer the rest of tax, using it to purchase larger, nicer property/properties in areas with better cash flow potential.

Get detailed quotes on these to ensure it’s cost-effective.Zoning & Permits: Verify that your current property allows additional homes and meets zoning requirements for multiple units.Rental Demand & ROI: Assess demand for singlewide rentals in your area to confirm it’ll be profitable after all expenses.If everything checks out, these could be solid additions to your portfolio.