To your point about being concerned that a seller is upset if he/she sees a large assignment fee on the HUD, an option to consider is a SDDC (Same Day Double Close).

You mentioned that the eviction process 'has begun' so, you should contact your attorney (preferrably the one you will use) and double tap and verify that what I said is accurate and if so, then go ahead and re-file for eviction NOW as 'you vs. tenant' --- of course you will need to let your PMC know before you do that, to keep them in the loop.

I understand LP is preferred over LLC due to avoiding double taxation, but if I plan to stay in the US and keep the money in the US, do I still form a LP?

I would also ask them for a double deposit as well or maybe a non refundable deposit :) 

I just sold a 1981 double wide that the tenant had totally trashed to the 3rd person that looked at it for 10K, and I think I could have gotten 15K. 

With a 30 year mortgage, you can still treat it like a 15 year mortgage with double payments, lump sums, etc. you also have the flexibility of a lower monthly payment, so cash flow would be better and would free up more capital to invest elsewhere.

I look to double or triple my holdings in either location.

So there are a few ways to look at this, the 1st question is are you sure your renovation’s will double the property value, most renovations on primary residences, your lucky to get 60-70% of the dollar cost back out upon sale, so really nail down your comps, than you have basically a math problem if your rate on your primary goes up how long if ever before that extra payment is more than 400k in taxes, that’s just a simple calculation to help you decide, but I suspect you actually have a different question here, from a purely financial perspective my guess is the best option is to do anything to avoid that tax hit, but one of the reasons to make money is to spend it on things that you enjoy, based on your overall financial picture and a subjective view of how much enjoyment you will get out of a renovated home, you should decide if you want to roll your profit into another deal or “cash-out” your winnings, I love cars and I’m willing to spend more than is fiscally smart on them because they bring me joy, there is nothing wrong with that, but i don’t think it’s a fiscally smart choice, without knowing your exact property id imagine a renovation would fall into that category, so that’s the terms I would use to decide.

Yes seller financing has been around since the beginning of time but for people 40 or younger it’s either unheard of or never made sense on a single family home because interest rates were 3% now that they are double sellers can profit more by doing seller financing even those that don’t own their homes outright.

Double down and fix it nice to sell but don't over improve. selling a headache will only give you a bigger headache that you'll need a aspirin the size of a hockey puck to overcome.There are no shortcuts when you get into this situation that end well for you so put the work in and maybe you will make a buck?