There was a limit on how much land could be claimed by any one person to prevent abuse, which made this land useless because it couldn't be easily farmed. 

203k, but there might be an upper limit

I've had a ton of reservations for places in my RV park at the end of August, but nobody fills out the application form completely. 

Do you think they will respect your LLC and limit your liability?

Asset protection is key concept that I picked up from Rich Dad Poor Dad book "Unfair Advantage" by Rober Kiyosaki, and my limited understanding tells me that I should have an LLC to protect my personal assets from the property, that is a cool $800/ year here in California.

Use 70% rule to determine my All-in cost limit (Purchase price, Rehab cost, Closing and Holding costs)7.  

I would recommend utilizing the free landlord software that is out there that can provide you with rent estimates for your area, market syndication and online applications/screening.

Some relevant details:Located in a small, rural community2 family, side by side unitsLow cost/high rent (2% rule applies) areaPotential risks include: limited tenant base, tenant issuesMy inclination is to sell and move on, as it will take significant time/capital to get it back in good, rentable condition.

However, the CLTV or combined LTV of the two loans to purchase will normally not be allowed to exceed their typical LTV limits such as 75%-80%.

My wife and I alternate on who gets the mortgages for the different properties -we try never to put both people on the same mortgage because it limits borrowing power.