I'm going to go against the grain here as I often seem to do...I personally hate the traditional turnkey model.

Mainly, the LLC prevents a loss from spilling over into your other investments or your personal finances in many cases (though not all).

Personal credit and assets will also be used and the amount of assets you need would depend on how many properties you currently have financed.

Personally, that far out I would float.

The structure has to either already exist (we converted the garage) or you can do an addition to the property and build it out that way.One of my clients took an illegal garage conversion that was expanded into two bedrooms and used the FHA 203(k) loan to get it permitted.

This is an outgrowth of in person auctions and so there is no standardization like you get with eBay - Know when the pickup is and that you will be available and also be mindful of payment methods.

There's a remote chance that the person who can't afford their payment can somehow afford to relocate the mobile home, but that's a VERY remote chance, offset in part by the higher interest rate, and in part by the surplus revenue received from the low vacancy produced in the park itself. 

Both in our business lives as well as personal. 

You'd have to find a person familiar with MN tax laws to address how the CA-sourced income would be taxed on the MN returns.As to the LLP/LLC question, LLPs require a general partner, which usually has unlimited liability. 

Personal and Professional Liability - Florida’s premises liability law requires landlords to maintain their rental property and protect their tenants and their guests from harm.