I'd sell if I were you. 1) I don't like HOAs and certainly not for STR or MTR 2) the numbers don't make sense for you to invest in a big kitchen/bath renovation 3) it doesn't look like it's appreciating very well.

Without adding creativity like: room by room renting/padsplit, value add/larger cash down, mid-term or short term renting, etc it's just how things are.  

Every single cabin I build is a deal I'm going to add 150k or more in equity (I've done a couple of larger ones that have 200k to 300k in equity) and anywhere from 5k to 10k a year in net profit by year 2. 

That all said to me its zero debt on anything other than a larger projects but for rental houses and smaller investments its zero debt..

It’s always helpful to hear how others structure these kinds of deals, especially with larger properties like mobile home parks.Also, what’s your game plan moving forward?

He kept in touch with local contractors, and one tipped him off about a homeowner who ran out of funds mid-renovation.

Is this something you've ever done as an individual landlord, or is this something more for larger multi-family properties only? 

I would then renovate, rent, and refinance.

All are on separate 800 square foot floors, with front and back door egress, well maintained and gut renovations were completed in 2019.      

I also renovated houses and own an interior design and renovation business.