I am in my early 20s right now and still living at my parents rent free.I have the idea of moving into a duplex for the 5% down and renting out the other side however the market is very slim picking for single family homes let alone income properties. 

@Marco TrimbornHi Marco, I have a LLC (disregarded) in each state that I have property which is owned by the “parent” LLC which is a WYoming LLC (files as a partnership) I guess it’s overkill but it works for me.

They have also assumed control of a detached garage on the property.    

Control what you can, ignore what you can't.

And frankly it is the children you protect when you don't pay the parents the rent money directly.  

When evaluating mobile home parks you would need to know about market value of current homes, are they single wide, double wide, is the park 100% full, are the utilities public or private, if private are they in good working order, what are market rents for homes in the area, what are rents for apartments, how much is the lot rent, how much are they paying in rent on each home for the 50% currently owned by the park, is it in a good market, are the rents being paid at market, are the lot rents at or below market, what are the real estate taxes, is there rent control, what capital improvements are needed for the park, etc...

I wanted to Refi to pay back my parents and get a little discount on my current rate but realized our Refi's require to live in the Primary for another 12 months, I don't think I can swing it here until next Oct-Nov.No updates seem truly "necessary" right now except for the siding/painting more so to demand higher rent, but I think I am falling into the trap of trying to update too much when the area (Alameda & Federal/ Westwood if your familiar) it isn't necessary. 

You'll do quite well elsewhere...I had to wait until things were settled with parents, kids, Etc, then it was Hasta La Vista Baby....

Banning a guest from a common area is absolutely within your right as a landlord because you have control over that space. 

parents are on board and can take advantage of VA benefits.