Do you simply take that 75k and roll it into your next property but making sure it's not more than that amount?

What is the actual amount it will cost to put a roof on it and carpet it? 

Your kid might have to file a return if he is not right now 2) Your rental loss might be lost as your son will have no basis or at risk amount in the partnership to deduct the rental loss.

Too small amount for Ian.Thanks

The amount of profit i make on the sale is roughly the same amount it would take to set up both mobile homes. 

In all fairness with the amount we are saving for reserves and cap ex it is closer to 2000 a month but it was a killer deal.

This is why I always laugh when I see guys with fifteen posts here on Bigger Pockets confidently tell the community that they KNOW that a particular property is undervalued, usually by a huge amount.

Not sure what amount but maybe 5%.

Often the amount of benefit you get from informed risk can be proportional to the amount of profit. 

One thing you may be able to do is to pay it back and reduce the amounts of rent received making it a tax write off, but ask your tax accountant.