It is a better strategy to acquire an existing park that is underperforming, which will allow you to have cash flow right out of the gate, minimizing your exposure to risk.  

Voted as well - wish we could get it more exposure on this forum.

Another huge bonus is that we have met M's boss/wife (they own the construction company) and hit it off well with them, and feel we can completely trust them to do their part with excellence, honesty and fairness.

Something that can be very important if you have a large net worth, have low risk tolerance, have high risk exposure with your real estate investments or have other member's in an LLC.You should consult with an attorney if an LLC is right for now.Regarding whether to purchase in the LLC initially or not  - you listed the reasons that people don't initially purchase in the LLC.

Looking to save money for my children for expenses throughout their life (first car, braces, sports/ class trips, etc).Currently saving the majority of the money in a CD (2.8% interest) so the exposure to inflation is a little hedged at least.I know this isn't the most aggressive option, but does anyone have any other ideas how to save money that can be accessed within short order as needed for expenses throughout their life?

If you indeed have tax exposure to both countries, you'll most likely be able to offset (or eliminate) your related US income tax with foreign tax credits.Then...there's the question of what other foreign filing obligations have have as it relates to the US...possible FBAR and/or 8938 if the money moved through a foreign account, or even was held in a foreign escrow account. 

I'm seeking the following: 1) mentorship and guidance 2) best practices, policies & procedures 3) lessons learned 4) understanding liability and risk exposure 5) contractual co living lease agreement or modifications 6) co living property managers, if any exist because I have not found any.Any help would be greatly appreciated!

When you post a rental ad on Zillow Rental Manager it also creates a listing on Truila and Hot Pads to enable broader exposure.

Think of the depreciation and expenses as a bonus that can change based on many things.And remember, you may get emotionally attached to a property you've held for a long time but if you 1031 out of it you will LOVE the new found monies!

You can use Cost Seg studies to help take advantage of bonus deprecation.