Then when I buy the MHP for 155K, bank the balance in the LLC bank account and use the balance over 2years to improve the MHP.

I haven't had a chance to go there yet but I hear great things about that area too.

I want to thank this group for all the support, guidance, and the sharing of their experience.Calvin:Is the Vendor's agent a residential real estate agent by chance?  

Being that you are only putting 3.5% down, you may have enough left over from your HELOC for another property or some capital improvements on either propertyScenario 2 (refinance on current FHA): Refinancing the loan will allow you to get a 30 year fixed rate on the property you are in and then have the ability to get an FHA on another property.

My sons and I are working on taming that and trimming some brush to improve the look and feel of the place.

Generally in partnerships, you would split any capital improvements just like you would split any cash flow or sales proceeds.

Although currently no rot or sagging was found, also recommend a professional evaluate wet joists and beams.Implication(s): Chance of water damage to contents, finishes and/or structureL

I was tentatively hired, though no official paperwork, to help this RE Investing company to advise, improve, and streamline all of their Marketing efforts to acquire, buy, and sell properties.

I will have to find out what these certain areas are to increase my chance of better cash flow. 

There are no second chances for this guy.