Keep in mind the bigger space you have, the more you can charge on rents.

He believes the cost to do the flooring and paint and what-nots will be $15K, for a move in ready rehab. 

Give each parking space a number and rent them out separately as a small charge. 

The "Nirvana" is to only lease the Pads and not own the actual mobile homes. you own the land and get paid for the concrete pad space they lease. 

I'm a beginner Investor trying to figure out if Wholesaling is the best way to begin or buying me a house first with the first time home buyers program then rent a space in my place.

Also, id like for each floor to pay their own electric instead of including it in the rent like the previous owner. 

If your friend wanst to create a somewhat segregated space for a long term roommate inside the residence I don't know that the HOA can really do anything about that without violating federal law...

Licensed HVAC tech and Electrician, certified armstrong floor installer, Louisiana,Texas Alabama Lic contractor, BS in Construction Management University of Tulsa been actively investing since 2000 and have built 4 communities with over 275 homes, just in case you were wondering about "my experience".

Kitchen, flooring, and bath. 

The property was constructed in 1906 so there's likely lead paint on at least one of the 3 floors of the building (although nothing has been officially tested).