Until you actually file something, you are free to ignore whatever structure you set up.  

Keep in mind that the $625,000 pulled out is non-taxable because it technically a lone and actually has tax benefits.

Rehab must cost more than the purchase of the building.This was a layman's interpretation of the actual rule which is:The qualified rehabilitation expenditures exceed the greater ofThe adjusted basis of the building (and its structural components), or$5,0002.

I have some more reading to do but if I understand correctly I will assume title under the Ladybird Deed and can just continuing paying the mortgage from my parents current mortgage yet not actually "assume the mortgage" and not have it impact my eligibility for a future FHA financing.I may have awkwardly described what may be the strategy. 

What you can depreciate is what you calculated ($94k) plus whatever you actually spent on improvements.

If that is the case, then these are actually classified as detached condos, not single family homes.

projects we looked at were in Oregon and if your doing actual MH and your doing a larger project like 100 to 200 units it can take a few years to many years to fill them  and you usually need a mH dealer on site to sell them  etc etc.

I actually bought them for my personal home because we have a new born and didn't want him to get tangled once he starts crawling.

PMI is actually a company, a brand. 

I originally came from the consumer finance and "B, C, and D Lending" (now non-QM), then migrated to commercial banking before focusing on real estate investors (we don't like to say "hard money")...so I actually have a lot of experience in what you're trying to do.