The people I know in this area do not want to own any homes and this can improve the quality of tenant at times as they are looking at it as their home.    

My credit will at least start improving.

Or, there are a variety of renovation loan options (FHA, VA and conventional) that allow you to finance the improvements as well as the purchase. 

There's always room for improvement.

But given the lower transparency, you'll learn less about what actually works and how you can improve your due diligence process in the future.I would have to trust a fund manager more than I would have to trust someone who runs a single deal.

This is changing, though, as technology improves.

A good inspector can always find a list of deficiencies even if they are just general improvements. 

Does that return improve your life? 

With the Refi, you are paying off the current mortgage, with a loan based off the new and improved value of the house ( the rehab and rent part). 

Trailers that occupied as a residential dwelling are considered permanent property by the IRS and are 27.5And land improvements or infrastructure driveways, landscape ect are shorter life and can potentially qualify for bonus depreciation.