The house is in pretty bad shape due to weather this winter, and we have kicked all tenants out to rebuild.

Should I tear it down and rebuild something newer?

I was thinking since there’s a lot of new construction in the area, to try to market it as potential tear down and rebuild as a new construction for the new properties.

You can do a couple of flips to build up your cash, then buy and hold...a couple of flips to rebuild cash, then buy and hold.

I don't buy over list price but I have bought from the MLS here in So Cal and in all cases, I added major value by adding a lot of square footage (mostly knocking down 95% of the home to rebuild new.

I did have a client demolish, bring in fill/dirt, and rebuild above the flood level. 

Take the brokers pro-forma P&L and then rebuild it with the facts as you see them, not the rosy ones that the broker wants you to think about.It's all very doable with a little work.  

In fairness, the first few years of rebuilds should go well.

As a MHP owner what is the best kind of insurance protection and arrangement of that insurance to help me rebuild after a tornado destroys the mobile homes and the infrastructure of my MHP?

Long term leases could be for say families who want to settle down for a couple years and rebuild their credit.