Its not the subdivision we reviewed in class, let me see if I can find it, as its larger and its in the 7-8 month DOM range. 

What kind of renovations are we talking about?

A full renovation would cost easily $250k.

So my cash flow for the first year is not very great (after PITI, vacancy, repairs, cap ex, and management is $110) but after a renovation after the first year, it will be around $300-$350! 

-However note that for real property the original use must be with the taxpayer or it must be substantially improved i.e. new construction or a major renovation - it does not look like turn key properties would qualify.

I've been noticing some celebrities that buy houses and then they list them for what might be break even or a loss even after paying real estate commissions/closing costs, property taxes ,maintenance over the time they owned it.. .and that's not even taking into account the massive amounts they likely spent on renovation.

If the money in that account isn't large enough to cover the cost and the second person can pay a larger share, then pay for the repair and first person's future profits are used to pay back the extra with interest as if it was a short term bank loan.

The building would consist of a larger group setting, television, lounge style seating, pool table, darts, etc.

I'd do a little of both...finance with larger down payments.

You must separate out the value of the homes from the value of the park.Also keep in mind expenses on a small park will be the same as on a larger park so you will likely be looking at 50% expences.