New construction seems to be assigned a higher tax value than improvements or say an addition to living space.

I understand there would be interest, fees and improvements to be reimbursed, but the purchase price my partner paid would not be reimbursed?

I then rented it out to a couple young professionals who have actually improved the property since they've lived there (Best tenants ever!).

I then rented it out to a couple young professionals who have actually improved the property since they've lived there (Best tenants ever!).

@Baahir StarkeyYou maximize tax savings after the fact and get guidance planning tax efficient strategies.

The homes will simply be older, the land obviously the same size, however the revenue may have gone down by half if you decide to sell these properties and simply collect lot rent, which may cut your gross income in half.There is definitely a lot more to consider that I am not including in this quick comment, however in my opinion this park may not be the best use of your time, energy, and capital.. at it's current price.

I hope they improve but I am considering other options if they don't.Another note; they are always very friendly on the phone. 

@Asury Johnson - good questions...I’m walking through the house tomorrow to assess condition - last summer I saw him paint the exterior, install a new roof and AC, and made some interior improvements, too.

(Mostly car loans, 3 year terms left, and a 4 year home improvement loan).

They prefer valuation focused on the lot income, and any hard improvements, amenities, etc.