@Tanh TruongThe IRS instructions are particularly confusing in this area.

It has all of the instructions you need.You may only do this if:They are not currently in a term lease (ie, they are month-to-month, not under a lease that has yet to expire)You give 60 days noticeYou pay them 1 months rentYou actually intend to occupy the unitYou do NOT rent it out again for at least 12 months, even if your situation changes and you move out again.You can find the form here:http://www.sjto.gov.on.ca/documents/ltb/Notices%20...I also highly recommend you read the actual rules about it here:https://www.ontario.ca/laws/statute/06r17#BK65In fact, read that whole document if you're ever going to run a rental property.

Economic anchors are things that are not going anywhere anytime soon, like state government, major universities, major health care centers, or manufacturers that are independent of the economy like military suppliers.I understand that the closer the anchor the better, but does it have to be in the same city/zip or can it just be in same county or next town over?

Most importantly, does any of these submarkets have any economic anchors  like state government, major universities, major health care centers, or manufacturers that are independent of the economy like military suppliers that employs most of the residents of that submarket?

This should get you off to a good start in what to look for when you are looking at key points in mobile home parks / manufactured home communities but, this is only a start!

If you didn't know what they were doing was unlawful then that is negligence on your part - that's not a defence.A professional should have indemnity insurance - that's the route I would try, to transfer liability to their insurer, that's the only scenario I can see where the PM doesn't escape by saying he was just following your instructions - in that case  he had a professional obligation not to.If he does not have indemnity insurance - well that is more negligence on your part for expecting  a professional service for someone who lacked professional credentials.

That begins the process and you then do as your agent instructs.

I found this little nugget of info in the instructions for Schedule C (Line 1):Installment sales.Generally, the installment method cannot be used to report income from the sale of (a) personal property regularly sold under the installment method, or (b) real property held for resale to customers.

While my 9-5, (I work in the pharmaceutical manufacturing industry), is my steady paycheck, it's time to get out of the rat race.

The instructions are meant for a textbook situation when you place the property in service the same year you purchased it.Longer and more accurate answer: you may want to pro-rate insurance.