That's how I pick paint color.Floating systems have gained wide-spread acceptance and I don't see that trend going anywhere except even more wide-spread - they are just too awesome for so many reasons.

Based on what you've noted, I would compensate the tenant by saying, "I'm incredibly sorry for the PM's poor performance. 

The United States is enormous and widely diverse in people, cultures, climates, economies, markets, etc. 

A double wide trailer on it that is not livable in and on 1.5acre the rest is wooded, an offer was given for 11k and for them to keep the mobile home.

I hear Indy is an incredible market so i'm sure you'll find success.

It's incredibly easy here.

Type 2 all the way, if you are going all out go wide not high, and also your total const costs shouldnt surpass 150$/sqft developed space

As @Bernard Reisz mentioned, there is a fairly wide range of pricing in the industry.Keep in mind, you can setup a Solo 401k for a side business and transfer in existing retirement funds, even if the side business does not generate as much income as your W2 job.

I feel like I may be a little wide eyed when I think about the equity paycheck if I sold.

Great Story - Sounds like your eyes were opened wide to some great "how not to manage" events!