Here's the situation..

If you are looking to purchase a home that needs rehab I would sit down with a mortgage broker and discuss your options and tell them you want more info on the FHA 203k loan and the Fannie Mae Homestyle renovation loan.I have had several clients here in Connecticut use both loans with success and they typically chose one or the other based on their personal situation.

Neither situation is conducive to FHA mortgage.

It wouldn't take much for this entire situation to go bad and end up costing you a lot.If the two units rent for $2,000 a month then a property manager will cost around $2,400 a year.

I've joined the local REIA, created an LLC, and am thirsty to learn all I can about the aspects of real estate, deal structuring, and how to analyze and take advantage of situations and opportunities as they present themselves.I'm focusing on generating passive income for our family, and pursuing a level of financial freedoms. 

See if there's a way for you to do business in the park that can be a win/win situation for both you and the manager.

I don’t think the other facts will change your tax situation much. 

@Elise Bickel we ran into the same situation and found out that it does not apply just yet.

Citizen you don't get 5 million  U.S. dollar tax exemption and it doesn't seem likely possible  to have an workaround for this (e.g. living trust)My dad, who is age 65, doesn't speak English ,invested about 7 million U.S dollar worth of property  in commercial and residential property(houses, stores, offices) , from his personal fund a few years ago, investment are doing fine  ,however,   recently  I discover that there  is no way for him to leave his asset to me after he passed away without an heavy tax because he is Chinese national, I asked with my dad's   accountant ,property manager, and Everwill , they have no clue how to solve this problem and Everwill told me the living trust will not able to help on estate tax if he is not a U.S. 

Citizen you don't get 5 million  U.S. dollar tax exemption and it doesn't seem likely possible  to have an workaround for this (e.g. living trust)My dad, who is age 65, doesn't speak English ,invested about 7 million U.S dollar worth of property  in commercial and residential property(houses, stores, offices) , from his personal fund a few years ago, investment are doing fine  ,however,   recently  I discover that there  is no way for him to leave his asset to me after he passed away without an heavy tax because he is Chinese national, I asked with my dad's   accountant ,property manager, and Everwill , they have no clue how to solve this problem and Everwill told me the living trust will not able to help on estate tax if he is not a U.S.