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. 

For me it depends on the family member. I

If they are all fresh and on their first one year lease could be red flag... or could be a good landlord getting non performing tenants out.

The information contained in this post is not to be relied upon.

I cannot do anything else with it (request from a family member). I

Many older homes do have these and you will be red flagged without them.

memphisinvest new member is spamming. 8)

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

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.

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?