They might have even phased out the miniature horse possibility...which was pretty rare anyway...but I'm not totally sure about that.

So I would get some updated realistic (not prayer-based) comps, and then compare what you could sell it for (including commission and costs of sale, of course) to what you'd still need to do in order to make it sell-able, and hope that the #s work out so you still make a little profit or break even.You can do a buy and hold analysis too of course, but it sounds like you already have a sense of the market and have figured out what a lot of buyers haven't yet figured out - that multis are selling for prices that are unsustainable because the sale price isn't justified by the rents.This is a risky phase of the market to be paying a lot for a rehab property and running out of money.

@Chase GuCommercial lenders require the following:Copy of ArticlesOperating AgreementTax returns for the past 2-3 yearsPurchase AgreementFinancial StatementInterest Rate 6.5% to the 7% depending on the lenderThey may requirement environment study Phase I. 

If it fails the initial survey, you've got problems and should reconsider the purchase because going further with a Phase 1 or even a Phase 2 is expensive with no guarantee the loan will close.Stephanie

At only 13 lots, the nationals will likely want nothing to do with it.The cheaper and less riskier alternative would be to turn key the design, zoning, and permitting phase of the project.

I want to start to get some rentals together in the meantime and grow a portfolio that will alow me to begin a new phase of my life.

I would have an attorney or P.I. do some poking around during your due diligence phase.

This stands in direct opposition to a capital intensive industry such as manufacturing where employee and owner skill may be less important than the company's fixed asset profile.While S179 is a valid strategy in the attempt to drive a taxpayer's taxable income below the 'threshold amount' so the SSTB receives the un-phased out Sec 199A deduction, a SSTB may not have the investments in fixed assets necessary to drive them below the threshold during the year unless they're already very close to the threshold.Some other ideas for taxpayers owning a SSTB to lower their taxable income:Roll taxable bonds into tax-exempt bonds.Life insurance & annuities.Real estate (it's BP after all).Oil and gas investments.Charitable gifts (including CRTs).Gifts to taxpayers with lower taxable income (powerful option is to gift a percentage of the business to a trust).If a SSTB is well above the threshold, a compelling case could be made that the business should be a C Corp in the current tax environment. 

But why couldn't I buy a MHP and slowly phase the MH out and replace with tiny houses?

Being in the home improvement business as a contractor since 1992 I have helped many investors and homeowners in my area in all phases of home improvement.