I’m brainstorming ideas on how I can market myself to potential mentors in the STR game in order to gain experience.

Finding a potential lot won’t be hard but getting a local municipality to give you the green light to build an MHP is going to be next to impossible.

I understand there's potential variation, but from observation, whats being observed?

This can provide a better depreciation benefit than traditional STR real estate.If permanently affixed to land, it qualifies for real estate depreciation (27.5 years for residential properties).Considerations:Zoning laws and campground restrictions may impact legality.Self-employment tax risk arises if you provide substantial guest services.Vacation home rules apply if personal use exceeds 14 days or 10% of rental days, limiting deductions.Audit risk is high, so keep detailed records of participation, expenses, and rental operations.Given the potential tax benefits and complexities, consulting a real estate tax professional is advised to ensure compliance and maximize deductions.This post does not create a CPA-Client relationship.

Detroit offers solid cash flow potential, a relatively low barrier to entry, and the market fundamentals are improving with a growing population and significant investments in the city.Since you’re based in upstate NY, Detroit is also a quick and easy flight, making it easier to visit and get a feel for the market if you’re considering out-of-state investing.

Since you haven't received the funds yet, you cannot claim any loss for 2024.If you receive the 10% return of principal in 2025 and the investment is officially terminated or sold at that time, you could potentially claim a capital loss for the remaining 90% on your 2025 taxes.

The numbers definitely work if the rehab stays within $100K–$115K and the timeline is 6 months, but with a full gut reno, I want to be realistic about potential delays.

There are never full photos of the mechanicals and basement and roof line so you will never have even a bare inkling of what the potential repairs will be.

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

Say, I have a potential client that has asked me to value a 7 unit apartment building.