An office location, your goals, some type of corporation or LLC, financing figured out, and picking a primary Team that is willing to help you on top of learning.  

They offer classes and consultation in all types of compliance.

How do closing costs and other fees affect my profit in these types of transactions?

Similarly I want to have a body like Arnold Schartzenegger, but instead of going to the gym I'm sitting here reading a forum about investing, so I shouldn't be surprised when I don't have bulging biceps. 

@Chase Shank, Like kind is determined by use not type so you can go from SF to MF or commercial, industrial, agricultural and back vice versa.  

To the best of my knowledge (if I'm wrong here please correct me, someone), since the HUD manufactured home framework came out in the late 70s, multi unit manufactured homes have never been financeable with fannie/freddie/fha money, meaning no one ever made them, and probably no city ever allowed these types of modifications because they would create potential blights, meaning there's about a zero percent chance that any of the stuff making that thing a multi-unit has permits, is remotely close to being up to code, etc.

But also interested in seeing where ( property type) other Georgia equity is deploying their capital and why?

If the home is stripped to the studs, and I personally do the work, wearing a P99 full face respirator along with full body disposable suit... the place is aired out, I give the chemicals time/heat to volatilize...

And it would also depends on types of properties being purchased where 20%  could be a couple of thousand and not ten thousand or more.Remember that the folks that are able to do those deals have also been at it for awhile and have built up their credibility among the investor community.

If you are 50/50, you will both have to provide equal amounts of documentation and the jet for your foreign national partner will be having US Banked Assets of his own and deoenging on the lender, loan type and term, the FN partner may need a FICO score as well.Good luck