I have four in Cleveland from 1930 to 1950 in established nice neighborhoods but I am constantly getting calls on basement issues.

Chipped paint that was covered with joint compound and is no longer loose is compliant.

I assume our joint would be 2500/9000 or 28%?

They are joint and severally liable I assume.

Assuming they are ok with this - since they don’t want the full responsibility of home ownership.So my question - does it make sense and is it possible to buy as a partnership (or just themselves and myself as joint owners) - and have them rent it from both of us?

I assume so since we file jointly but each move was precipitated by each of us getting new jobs.Appreciate the feedback!

Running it less like a cool, hands off "passive income" stream and more like a business that I watch over constantly. 

You need to find a partner to joint venture with.

Second, while developing new parks has become less common than it was when I developed them in the 1970s-80s, I am personally aware of twenty large developments underway right now, one of which is in Illinois and a very large one in Florida by a Chicago based MH operator.BP can be a very good source of information and, unfortunately a constant source of erroneous information as well.

As markets constantly change and grow, you as the investor must be willing to change and grow with the market.