There's just so much wiggle room doing this, especially since you're dealing with a family member who completely understands the finances of the park. 

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

It's just a pass-through entity so the income would flow on to your personal and you would pay taxes based the tax bracket you fall in for you personal income (from my understanding).

I just came across the idea, but don’t quite understand how it works or if it would be worth pursuing.

So as I understand it, repairs/maintenance is fully deductible the same year but major improvements have to be depreciated. 

If they understand they need to leave and discuss honestly what they can do to make that happen then you are both working to the same end.

I understand that these rules vary depending on the state, but any thoughts on this?

Hey Joseph, my understanding is that if you wanted to team up with an accredited investor though an LLC in order to invest, both members of the LLC would have to be accredited.

I can kind of understand that he wants to make sure I'm legit but that's a bit of a red flag for me.

Market insights and understanding the rental rates in the neighborhood.