I’ll be paying for additional costs as needed, but I wrapped most of the immediate rehab costs into the loan.The loan ($87k five year balloon @5% amortized over 20 years) means I have 5 years to refinance or sell.

What about the additional $100K you'll need to rebuild?

When the LLC reports the property gain the LLC partners/members will get a tax basis increase in their LLC interest for their allocable share of the tax gain they report, so any cash distributed attributable to the property sold by the LLC should not result in any additional tax liability to the LLC partners/members when distributed to them. 

Is there space rent for the mobile home in addition to the $90 HOA costs?

Plus with the new sales price I should be able to bring the assessment down as well, leading to some additional savings on taxes there.I have two possibilities for this property, the first being to get it refinanced by a bank ASAP to pay off the seller financing and bring the debt service down by about half.  

The lot defiantly listed for way less square footage than it truly has, due to a garage bedroom conversion, a lot in the 2 car garage, and some other additions.

We bought it at a 7+ cap so sale price was essentially price adjusted for the assumption.I would run two scenarios get the actually yield maintenance $ amount and add it to the purchase price and see what your model looks like after placing new debt and what your model looks like if the lender will give you a supplemental.What's your exit strategy and timeline?

The owners split the house in two while enclosing the garage to create a 3/1 and 2/1, in addition they enclosed a back patio area to make an efficiency studio area 1/1 no kitchen. 

There are some additional discounts for having auto insurance with the same company but I didn't include those.What does the HOA cover?

After taxes, that is 52k per year in CA, which means you need to save an additional 20k annually over the 70 you have.Living off 32k in Santa Barbara sounds improbable.