I had prior MHP ownership experience and all the homes were tenant owned and were about $150 below market.

We're based in Tampa and, in addition to personally investing, I own a mortgage company that provides financing for tons of investors.

Taxes is not my area of expertise so I suggest readers consult with their own tax advisor on this subject. 

Separate the master bed into a studio with its own entrance What was the outcome?

Many claim they do not charge a markup, but then aren't transparent with invoices, etc. 1) If a PMC charges $x hourly, their markup is built into that hourly rate as they are NOT paying their workers that hourly rate.2) Many PMC's send you ONLY their invoice, or from their wholly owned maintenance company, not the underlying invoices from Home Depot and contractors.

Quote from @Angus Brooks: Hey All-  I own a small apartment complex in a two entity LLC and am wondering what the tax implications are for a cash out refinance. 

You may want to make an introduction between your CPA to those 2 colleagues.The CPA can go over their services and pricing to your colleagues.I partner with many people on real estate deals - It never gets to a discussion on whether they do their own tax return or hire a professional.If a partner mentions he will provide capital - does he provide the capital on a timely manner.If a partner mentions he will find deals - does he find many deals and provide an analysisIf a partner mentions he will manage a property - does he manage the property well(find tenants, collect rent, communicate with contractors, etc)

In those days it was possible to locate and tie up a “killer” deal, and close the transaction with absolutely zero of the investors own money.

I used the proceeds of the primary residence I owned in NC to grow a portfolio of value add buy and hold here in College Station.

Focus on your own backyard 1st if you can.