Each CPA will answer the questions uniquely based on their interpretation of the tax law as well as your specific scenario, so I highly recommend having a trusted CPA answer this for you.

However, weighing your options and performing due diligence carefully based on your specific circumstances, the property's potential, and your long-term goals.

Lots of folks are pulling out cash based on the appraised value for their next projects and holding for a few years to benefit from appreciation. 

Are there many REITs that currently regularly engage in this type of feeder based structuring for a investors?

Great community to bounce ideas off of as I build my knowledge base.  

I haven’t gotten a tour yet, but based on driving by and photos of the inside, it looks ready to rent right away.

Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.

They're highly popular for turnkey rental properties because qualification is primarily based on the income generated by the property itself rather than the borrower.

We are based in NYC but are considering (as of now) locations outside of NY but within a 300 mile radius. 

My endgame is to end up with $300k/yr in post-mortgage income in 20 years based on investments I make now followed by continued investments over the next 10-15 years own.