My aim was to purchase something that would cash flow, while also appreciate long term (or at the very least sell for its' purchase price) and allow me to live rent free so I can allocate my savings from living rent-free towards saving for a second investment property.

My aim was to purchase something that would cash flow, while also appreciate long term (or at least sell for its' purchase price) and allow me to live rent free so I can allocate my savings from living rent-free towards saving for a second investment property.

You might not get the 50% income ( depreciation) allocation for tax purpose because of your target allocation based on partnership agreement. 

There are many schools of thought out there regarding asset allocation...

In general, I look for ways to achieve member's interest without selling, like re-leveraging or changing member capital/profit/loss (P/L/C on the K-1s) allocations, but sometimes sales make sense. 

@Jonathan BrenSounds like you and your partner would be best suited to an LLC taxed as a partnership with a waterfall allocation schedule.Run it by your tax CPA and attorney....

$110K for the land then how much are you allocating for mobiles?  

Some items to consider is that you will want your cpa to advise on partnership tax issues and allocations, so they must be experienced in that in addition to real estate.

There are many schools of thought out there regarding asset allocation...

The tenant portion is pretty easy to figure out.  30% of their income is allocated to be spend on housing - utilities and rent.