Just ideas, talk to your CPA to make sure you are doing it properly. 

Hardly anyone can prep properly, mask or dropcloth properly, cut in around trim and windows, get even coverage, etc. 

You will need an attorney to properly structure the partnership and you will make sure you do it correctly.

If the proper reports and documentation are not completed, you run the risk of failing an IRS audit and the cost segregation not being honored.

Market timing, properly acquired property, personal capital available How did you find this deal and how did you negotiate it?

I think your biggest issue with any "work-arounds" is going to be your legal liability and holding the proper insurance in case something goes wrong, which I'm going to assume you'd need to be properly licensed in order to be properly covered by insurance.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

On a positive note, 100% of the purchase price should be available for depreciation since there is no land associated with the purchase.I see a number of other double-wide manufactured homes available in GR, many priced well below $120K.  

Still up to me to properly utilize it and get the deals contracted.