The structure you're proposing looks good on paper but is more likely than not to materially decrease your ROI because you're substantially increasing administrative and tax overhead.Old military acronym applies to real estate investing when just starting out: K.I.S.S.

Your total net income from properties sold in a given year is your taxable income which is typically taxed at your ordinary tax rate.Revenue for flipping is easy to track because it is generally just one entry for the resale value of the property.Expenses get a bit more complicated because you will likely have a 100+ transactions for purchasing materials, paying contractors, & paying utility bills.

Just keep in mind that they are behind schedule on posting a lot of updated material on their website due to the earlier shutdown.

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule: HomeStyle program has a maximum 4 draw process.The initial draw can be up to 25% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information: Signed Draw Request by borrower and contractorSigned All Bills Paid Affidavitreview and approve the draw request and will release funds for disbursementA check will be issued in the name of the borrower and contractor and delivered to borrower via USPSAn inspection of work to date will be performed at 50% completeFinal Draw Information: Signed Draw RequestFinal inspection/Completion Certificate will be required for release of final fundsA Title Update showing property free from lien or encumbranceGeneral Contractor’s Lien Waiver AffidavitAffidavit of Completion will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns: Changes to the initial plan are not permitted unless prior approval.

Can anyone clarify... for your S-Corp's K1, do you retain your profit as ordinary income (Box 1) or distribute everything to yourself (I believe Box 12)?

I learned long ago in the rental business to use quality materials so they hold up. 

Once the election is made, it is irrevocable unless there is a material change in the taxpayer's facts and circumstances.

Any changes to property that make significant material changes to property.Rather then go through the hassle of trying to keep a problem tenant, considering the changes to the property , Ask her to give 30 to 60 days notice and rent it out to someone else. 

Do you also have a list of subcontractors, vendors (material suppliers) and architects and designers that have partnered with you that I can call?

The biggest con to manufactured homes are the building materials they are made of.