We have a few parks and we utilize both options.

Utilizing empty lot space in this way helps to combat the increasing housing prices and limited supply many markets have been experiencing.

@Trevor McCormick to piggyback off what others have said, determine if you are trying to maximize it as an investment or utilize it as a vacation home you will STR to help cover expenses, as this could dictate which type of property you are looking for. 

From what I can tell, the extra equity on the house could be utilized to provide better ROI.  

This protects against potential claims and liabilities specific to the rental.For tax purposes, maintain clear records of rental-related income and expenses, allowing deductions for insurance, utilities, maintenance, and depreciation proportionate to the rental unit.

For further context, we are trying to have him be the name on the loan because he would be able to utilize his first time home buyer loan to take advantage of the lowered offered interest rate.

BUT, get a solid quote on utilities.

Be sure to utilize tools of the trade for the best information.

Unlike conventional loans that typically require a 12 month seasoning period, DSCR loans have no such requirement, making it much easier for investors to scale their portfolios.I’ve included an article below that outlines how DSCR loans can be utilized in BRRRR strategies.Also, I noticed you’re based in Florida, I’m in Tampa.

if you are going to do things like include utilities, or have an off street parking spot, other amenities etc, there's no reason in my mind you couldn't "charge a premium" for a premium unit/service.