One interesting item in that code is that the Equity Purchase Agreement (with it's 5 day waiting period) does not have to be used if the homeowner is not occupying the residence (or one of four residences on the property.) 

Not to mention the equity you will have in it when fully renovated.  

.- passive investor puts in 30% cash for down payment in return for 40% ownership- deal provider (Me) puts zero cash in but finds, secures and manages the deal, bank financing and 100% of the property management- bank mortgage for 70%- closing costs split 50/50- capital improvements split 50/50- all monthly positive cash flow (profit) as well as 60% property ownership goes to the deal provider (me).- first refinance (year 3-5) get investor's 30% investment out (before I take any equity) so we can do it again! 

those numbers don't work if you need design help I'd rework the Floorplans to smaller and higher rents to lower construction costs. 2.1 million for 12 units is crazy. we build at about 100k per door hard cost. suburban walk up style apartments fully leased up with land go for $155k a door over 100 units in columbus ohio. so if you work backwards take the equity and land out our pricing is right in line for build cost and that's with profit to investors.

Or would I only be taxed for the equity which could be paid over 5 years?

Our inspection report came back on Feb 21st and the home tested positive for Radan.

While the 1% rules and deals with significant equity have become increasingly difficult to find within the 270 outer belt, there are an abundance of these deals to be found both off and on market in the Columbus' Tertiary Markets.

Finding properties that need a little love, put some sweat equity into them to make it really shine, then rent it as a STR. 

Increased Institutional Investment: Large investment firms and private equity groups are recognizing the potential of mobile home parks as a stable asset class, driving up purchase prices.

Might I suggest exploring some sort of position working with a developer; D.R.