Just like over in Europe, furnished rentals will be normal.I specialize in +30 day furnished rentals because they are just as profitable as traditional Airbnbs but they have the added benefits of requiring less time to manage, less chance of parties/undesirable stuff, and they are typically not regulated by city laws.Essential Workers and Digital Nomads love extended stay rentals.

Since this is not a high value area, it is more likely the property is not worth $10's of thousands to any one of the parties. 

Interested parties, people filling out pre-qual forms (if you have it), people at showings, people at showings VS people saying they are going to show up for a showing, applications etc....- Lowering rent or doing work is always an option too, but if you have a week I would look at the two above and maybe post more feedback here so we can better assist.  

@david M: the part I also don't get it is how can you buy it back?

The key is finding a win win solution and treat all parties with respect.

They cannot provide any tenant background or credit reports as it is illegal to share that info with another party.

The hard part is getting, and keeping a list of great subcontractors that will get you on budget (but you need to know what budget you’re shooting for to sell 1400-1500sf for 225k.  

For your project, I would not think you could find any financing unless it's from a private party with higher interest rates, and even with that I am told they are reluctant to lend for mobile homes. 

When I run the numbers in our market both parties would make their money back within the first year.l with amazing returns.

(I.e. original lease states a 60 day notice is required for either party to cancel or change terms, you must give them 60 days notice with the new lease terms.)