Personally, I don't consume my cashflow so I have had reserves when I needed them. 

I'm going to go against the grain here as I often seem to do...I personally hate the traditional turnkey model.

Nice part about SMR is they accept money orders (which we know many MHP tenants like).Never collect rent in person.  

Personally, that far out I would float.

Mainly, the LLC prevents a loss from spilling over into your other investments or your personal finances in many cases (though not all).

Personal credit and assets will also be used and the amount of assets you need would depend on how many properties you currently have financed.

I am looking to have a fan installed in the bathroom of one of my units however there is no switch in the bathroom so I would also need that done, I was wondering if anyone has recommendations for contractors.

This is an outgrowth of in person auctions and so there is no standardization like you get with eBay - Know when the pickup is and that you will be available and also be mindful of payment methods.

There's a remote chance that the person who can't afford their payment can somehow afford to relocate the mobile home, but that's a VERY remote chance, offset in part by the higher interest rate, and in part by the surplus revenue received from the low vacancy produced in the park itself. 

You'd have to find a person familiar with MN tax laws to address how the CA-sourced income would be taxed on the MN returns.As to the LLP/LLC question, LLPs require a general partner, which usually has unlimited liability.