When you convert it to rental, you still get #1 & #2, plus you can depreciate the home over 27.5 years.This stuff gets a bit complicated, so see a CPA or find one for when you start renting the home.

But I wasn't planning on purchasing a property until I got back to the states due to all the complications of not being there.

We did this for our park.For beyond beginner questions, the free forum on mobilehomeuniversity.com is where I post complicated operational questions.  

I find your east coast sherrifs auctions are FAR MORE complicated than our little ole trustee sales.. its much more involved at least from the one's my guys have bought

I been trying Bitrix24 for my other (non real estate) business but its kinda complicated for my simple mind.

That gets a bit more complicated if you were trying to create a note. 

@Jim AdrianI can get estimates from the modular home manufacturer.I'm looking for some idea what to expect "resurrecting" a subdivision that was never completed: complications with the city, dealing with the utilities - electric, gas, telecom, etc., merging new homes with the existing HOA (if any), ...

You could do an installment sale; however, it may just complicate matters with having to file the return all those years.

Or is it more complicated than that?

So, the basis would still be your adjusted basis, no step up to FMV.In general, the IRS doesn't respect "self-dealing", which is selling assets to yourself, a family member, or a company you control.These issues get complicated, which I love because I get to charge my time helping clients through these issues!