I can recommend some good cost seg guys to help you maximize those deductions.Be sure to communicate this information to your accountant as well, so they can help you plan and be aware of the situation.

What red flags should I be aware of?

Of course I'm aware of what that is and how it works, I have lets just say one or two there, Happy to help BTW how many do you have there? 

I work with institutional capital as well as a variety of private money resources to finance such things, but don't again, don't expect to find "low" rates and fees for such.Many investors I come across run into this problem with financing even though they've built up a cash cow... it is hard to understand sometimes, but be aware of the challenges and make sure you have financing options in place for what you are doing before you jump too far in.  

Maybe you do a light rehab and raise rents.

Raising a mobile home is a common task that may need to be performed every now and again, depending on the location.

If we choose either option, are there things we should be aware of?

I’m already aware of the popularity of Joshua Tree and Lake Tahoe, so I’m interested in hearing about other markets that are strong performers and investor-friendly in terms of regulations.Does anyone have insights on:Specific cities or regions where the permit process is more straightforward?

You’ve recognized you need outside help raising capital.  

Even with a dozen properties I might need a plumber twice a year, an electrician once, and a handyman a few times  not often enough to be remembered or get priority service  They raise rents faster and higher than I ever would, this alone virtually pays their 8% management fee and $300 new tenant acquisition fee.