Can I choose my contractors, are there any restrictions with contractors ?

And, in the places where they aren't, you run the risk that regulations with tighten after you have invested.

Chances are, someone else out there has already been there, done that, and has experienced the challenges, and dreams that percolate through your own head every day.After the Christmas Holidays (and perhaps a lot of travel and social restrictions - there are certainly these where I am), we have an opportunity to reflect on 2020, whether or not we hit our goals, lessons learned, and thinking about how we can kick of 2021 with a positive mindset of growth, equanimity, gratitude, and a healthy spirit.I love these kinds of threads.

@Theresa Harris we don't have restrictions here.

Unless you had a life event like divorce or moved for work, most underwriters will call BS.There are products that will allow for lower down payment like Freddie Mac's Home Possible, but they have income restrictions and you may not qualify if you make decent money. 

You would have to invest in a new "like kind" property at least the total payment from the utility plus some proportion of gain of that property from current basis to current FMV.The "like kind" is more restrictive than for a 1031, so my guess is it would have to be another parcel of farm land.A CPA or good tax office should be able to  help with the additional gain (if any) from the utility payment.Just thinking, you can't depreciate land, so for farm land there may be no basis adjustment at all, just a proportion of what you paid originally for the vacant land.hope that helps a little.

Check to see what restrictions might be in place either by the current leases or local rules.

Once the rehab is complete I would like to rent it out, however, I think I will sell it since the house is in a gated 55+ community, and it is restrictive on rentals and most occupants would only be seasonal anyways. 

Another thing you want to do is check with your city or county to see what restrictions exist for bringing in other used mobile homes on the lots.

You always want to tighten up your current investments so you know you can rely on that cash flow and then look into the next one.