I've found some basic "Agreement Letters" which will outline all the work needed to be done and how I will be re-paid for all funding and a certain percent of the profits when the house sells. 

It can be re-classed again, should you return it to residential.

My suggestion, keep self managing and only hire a realtor when it needs to be re-leased.Thanks,Kyle

I was originally going to buy a small town home somewhere in the vicinity of my college, but a family member is strongly suggesting that I look for a house instead because the value will increase more over time. 

There are too many variables for it to ever be relied upon alone.An income approach is almost always the best valuation method, especially if the property has multiple tenants.

I mean you could definitely go full nelly on the renovations, pour a slab foundation, move the manufactured home onto the foundation, build onto it, redo all your plumbing, electrical, and HVAC to be slab-freindly, etc . . . . you could do that, but there is still not going to be a record of a "built on" date or any permits for that building event (if your MH is in a permitting area) so you'd be relying on an appraiser NOT doing their job, along with a lender and a buyer.Does this jive with other folks' experience here?

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I will also be re-doing/finishing the basement, replacing the floors in the common hallway, and have 2 units that will need to be remodeled in the next year.

This is a single member LLC where the member is a holding company LLC.

*This post is informational only and is not to be relied upon.