If you're an accredited investor and not interested in being the landlord anymore you might consider learning about reinvesting into DSTs (Delaware Statutory Trusts).

@JOHN DE SOUZA yes, on hard money lender.

I have an accepted offer and am under contract with the VA here in Delaware (VA Foreclosure).  

@Alex De SousaThat is some great advice, although the part about raising the house is not entirely applicable to us.  

If I rent it I would want it in a Delaware single member LLC for liability protection.My question:1.  

The only strategy I see investors using successfully to work around the CA franchise tax is to utilize a Delaware Statutory Trust, which is considered a disregarded entity.

We have incorporated an LLC in Delaware. 

If the paint and flooring were each less than $2,500 on separate invoices, can I claim them as de minimis or is the cost of the renovation included with the painting and carpet and therefore the cost to the unit is over $2,500?

@Mariela De Leon If you are in City limits you cant have any mobile homes, period. it has to be outside city limits.

I am currently in need for some data from investors in the Philly and Delaware County Marketplace for rentals.