I am just here trying to learn and I believe I have admitted to a mistake in judgment. 

Campgrounds require one of two things to be successful .1-On or close to an interstate highway for over night campers,or2- a destination location,such as beach (me) or mountains.Last is amenities, pool, game rooms,on site laundry etc... biggest mistake you can make is put all your money in spaces  and nothing built to attract campers!

I know this doesn't eliminate the risk entirely...., but my understanding is that by 2009, most big 'money center banks' were requiring an oil tank sweep??  

TLDR: no, you should still be able to invest regardless of past mistakes ;)

Sorry pressed send by mistake.  

Alternatively, you can use cash to purchase distressed property in nice neighborhoods that would not otherwise qualify for traditional financing and/or the owner wants/needs to sell fast such that a 30+ day escrow to fund a traditional loan would not work ... in that case your only other competition would be from other cash offers, thus eliminating most of your competition from retail buyers.

@Linda Weygant Curious: you say that form 3115 will allow him to correct the mistake with respect to the depreciation.

Strongest lessons learned come from the biggest mistakes!

It may save you more in the long run to refi with a higher rate to eliminate the pmi.  

Maybe it would be an easier sell if we make clear the costs of having one-third of a nation ill-housed - and explain how eliminating those costs greatly reduces the bill.