A lot of times they'll let me know that we could spend some money to make some cosmetic upgrades, and get a huge increase in rent... or they may say we can get way more rent on day 1.

McClinton, I would advice you to find a property within your means, build equity, and upgrade only when the time is right.

If I were to repair/upgrade for rental purposes i am estimating about a $15,000 expenditure, let's call it $25,000 due to unforeseen items that will definitely pop up. 

And  you get the benefits of filling a vacancy and a new home in the park which can be considered upgrading the park. 

When the HELOC is being paid off, is that line credit purposeful for anything else other than home upgrades?

When the HELOC is being paid off, is that line credit purposeful for anything else other than home upgrades?

There's an opportunity to upgrade the building (facade, common areas, convert first floor to a three bedroom from a two bedroom), which is why I included / attached two reports.

It is called a 203K loan.In simple terms, the 203k loan is a type of home improvement loan program insured through the FHA that works by allowing homebuyers the ability to finance the purchase and costs of upgrades through one single mortgage.  

This should get things moving as he can negotiate with the insurance company and after reading through the contractor's restoration contract I'm not to be personally billed for the work aside from my deductible, any depreciation I'm unable to recoup (still have to read through my insurance policy on this part) and any upgrades I'd like to make above and beyond the repairs (like vinyl plank flooring instead of carpet). 

During the next 12 months, I spent time off working on improvements and upgrades to the property.