Similar to a 1031 it seems, there's a process in place for putting the funds somewhere, and then there's a time limit to selecting and allocating the funds somewhere. 

My findings are below, but I'd love to hear how you approach your purchase allocation so I have a better grounding.

As the cohort ages into retirement, the fund will be allocated almost completely to only the safest assets on the market.Although it eludes everyday notice, the United States (and arguably, the whole world) functions in a similar fashion. 

Once you itemize each repair on the property you need to allocate a price for labor and material for each item to create a detailed estimate for the project.Once you get more experience inspecting properties and estimating costs for your rehabs you can look back at your OWN COST HISTORY and derive your OWN RULES OF THUMB that you can use for quickly evaluating properties in the future.I would recommend getting The Book on Estimating Rehab Costs to help you learn the basics of estimating costs for your projects.

Most of the expenses you've allocated are slightly low to reasonable, but the things that really concern me are the ARV and anticipated rental income. 

If you can be diligent about spreading the income over the year to properly allocate for expenses for the year, you should enjoy your experience owning a park like this. 

Allocate or at least consider your fee for management or work you are doing within your businesses.

A fraction of your portfolio should be allocated to buy & hold real estate.

He also doesn’t seem to have a team to do multiple rehab projects at once unless he’s doing construction jobs and only allocating his people to his own jobs when they’re not busy.

@Michael HammerI suspect they may be referring to an allocation of expenses to business use that would otherwise be nondeductible but because they’ve established a business purpose for the expense, they are taking the position that a portion of the overall expense is part business and part personal.