(Both legally zoned)  My current inexperienced understanding is that you can NOT be prevented from adding or replacing trailers so long as the pads themselves have been grandfathered in and are legally zoned.

While it may not be the best CoC that’s considered a solid long term investment cash flow by many.

They are often classified as operating expenses or maintenance expenses rather than capital improvements (assets).Washer/Dryer/Stove/Refrigerator: These are assets as they are considered durable goods that will benefit the property over an extended period.New Baseboards/Trim, Doors: These are generally considered assets because they enhance the property's value and are not typically replaced frequently.Furnace/AC: These are significant components of the property and are categorized as assets due to their long-term benefit.Paint, Light Fixtures: These can be a bit nuanced.

If there were any written agreements between the developer and either realtor, the terms of those agreements would come into affect not that complicated.

In terms of your grandfather living there as long as he's not the owner having a dwelling fire/rental property insurance policy is appropriate.As @Greg Scott pointed out he should have a renters insurance policy whether or not he's actually paying rent.In terms of liability coverage, that depends on what you have to protect so there's no one-size fits all approach.

I was actually a student at the university there not too long ago, part of the wine program.

I was approached by people who are interested in leasing my property long term and use it for cooperate business travel accommodation. 

.- Investment Term: 5 years - 10 years- Equity Split: Investor 80% / Sponsor 20%.- Preferred Return: 8% annually to the investor.- Profit Sharing: After the preferred return, profits are split 70% to the investor and 30% to the sponsor.- Management Fees: 2% of gross rental income annually.- Acquisition Fee: 2% of the purchase price.- Disposition Fee: 1% of the sale price.Option 2: Debt Financing with Equity Upside- Target Properties: Single-family homes, multifamily properties, and land for development in prime locations.- Interest Rate: 6% interest only for a term of 5 to 10 years- Prepayment Penalty: 2% if the loan is paid within the first 3 years- Equity Upside: Investor receives 30% equity of the appreciationWhich option do you think is more attractive and why?

First unit lease is up for renewal on 10/31/2024 and has a good long term tenant.

We've done this many times where you purchase a property at a discount with short-term financing/bridge loan, rehab it to increase the value, rent it out and then when you refinance it with long term financing, you (hopefully) get some money back.