In Dodd Frank, they anticipated that some might carry paper to get around Dodd Frank (not that you are doing this) and therefore they also "cast their net" over seller carry backs.Most importantly, please don't rely on what I say, except to inspire you to seek legal advice (which I am not qualified to give) from a qualified attorney in this area, and structure this so it doesn't get you into legal tangles or possibly worse, interaction with the CFPB.

But after reviewing some of our portfolio he spent an hour asking us how to structure an owner hold & the pros & cons of being a Landlord. 

Go hire one tomorrow to review your contract and set up your business structure for the purchase.

With that in mind, one of my real estate investor friends is strongly pushing me to build a trailer and/or RV park instead of pursuing SFH’s since I have the ability to build all of the infrastructure myself.So I’m curious as to whether anyone has any advice on the best way to structure an investment like that.

I had a Structural Engineer come out and review the foundation as well as the addition and sloping floor (to diagnose the problem).

Readjust price and mortgage structure until you land at a positive net cash flow.

Initially we planned to purchase the property under the LLCs name, but ultimately elected not to do so as the interest rates would have been higher.Would it be favorable to manage this property under the LLC or would a different organizational structure be more favorable?

I lnow that one of my lenders will allow me to refi as a buisness loan (must have some form of corporate structure( C-corp, S-corp, LLC)  as long as the rents is $1 over the debt service of the loan. 

Assuming the stairs and decks are structurally sound and safe you have no liability.

To keep the details simple, I acquired 7 acres of land (for an insanely cheap price) with only one structure (a house with tenants who are permanently vacating the property in a few weeks).