If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

@Tyler Garza Your strategy is a solid start, but avoid using a corporation for rentals due to double taxation and fewer deductions.

Quote from @Patrick Albright: You could look at doing a 1031 Exchange to avoid any tax hits this year. there is no tax. 

I want to avoid mistakes as a new landlord so hoping to learn from all of you! 

Selling it to someone willing to relocate it, offering it for free to avoid removal expenses, or donating it for a potential tax deduction could be better alternatives.If she passes without transferring ownership, the landowner might have to handle the trailer’s removal.

You think that in the event of a liability lawsuit, a landlord will be able to avoid notice of loss to their insurance by defending themselves with the coverage provided by the tenants renters insurance? 

However, they require consistent maintenance to avoid becoming a liability.

From my experience, taking it step-by-step has helped me avoid mistakes and build a solid foundation for the long term.

Working with Real Estate ProfessionalsLocal Real Estate Agent: Choose an agent experienced in student housing.Property Management Services: Consider hiring a property manager if you’re not local.Inspection and Appraisal: Conduct thorough due diligence to avoid costly repairs.6.

The big advantage is having the capital gains spread out over many years to avoid a huge tax bill.