You might learn to shoot pool in a pool hall, you might not learn the professional rules of the game, that might mean you can't really win in a real pool match. 

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

I am confident price is your issue especially if you are deriving the price off a poor comp (smaller unit, etc) and then applying arbitrary adjustments.  

@Derek Harville If your grandmother gifts you the trailer, you inherit her original cost basis, meaning if you sell it later, capital gains tax could apply.

This is who will approve or deny your plans when you apply for a permit.

Asking in the correct forum will get a better response.Read the RULES!

The only flaw I had was I purchased the property out right, where I should of applied for a mortage.

They do not take everyone who applies, however, it has much more to do than with just your portfolio.

@Zach Denny  Similar to what Minna posted above, I have done with a local portfolio lender bank where they set their own lending rules. 

California's probate rules can be drastic in the event of death that having a proper estate plan in place can help in any number of situations, including if just traveling or incapacitated.These are all things you will want to discuss with your attorney and CPA.