Home price/rent rations seem fairly reasonable, listing ranges I've seen have generally been from 150k-300k for 2-3 SFH.

@Juan ZabalaI think you will find few mortgage folk that will look only at a LLC and leave out your personal D/I ration and personal signature.On the other hand they should use the all the rentals Schedule E incomes (modified by Depreciation) as income in the calculation.Might need to find a more inovative mortgage broker. 

Trying to syndicate a deal here as my debt-to-income ration, and current assets are do not allow me to get into duplexes listed in the $700K range.

A lot of work/time needed for a small park without much upside.I agree that you should capitalize the lot rent portion of the income from POHs and financed homes, however your expense ration is WAY to low, like @Ryan Groene said. 50% is on the liberal side for a park like this. 30% expense ratio is in the neighborhood of a well run park on public utilities.

One of the tenants will be leaving one of the units, and I am planning to do some remodeling (thinking about removing the carpet except for the bedrooms, and replace it with laminated wood flooring, as well as some painting and cosmetic improvements)My question is I want rationalize this expenditure in terms of ROI, and how depreciation fits in this case?

The biggest mistake REI make, is to "rationalize" that current bad numbers are better than they appear they are by using numbers with %%% behind them, and/or worse, by assuming these current bad numbers will change based on future events you have no control over. 

I get the rationality somewhat but I typically only see that when the person doesn't value their time or recognize their limitations. 

Take the current market rate for a comparable unit 2k and then the current rent 1k Then multiply that by 6 or 12 So you get 6 or 12k Now you add concession for improvements if the tenant made any out of pocket Now 15k Add 1k for moving anxiety tax Now 16kAdd moving / storage 500-1kNow 17k I can rationalize and sell all of the above.

The people that start "faking" the numbers to rationalize paying a high price for a deal are going to get crushed in this next downturn. 

If, however, we take care to do our homework while taking a lot of deep, calming breathes and make rational decisions, the income will take care of itself and that will lead to realizing our vision.This a really long reply.