By running your numbers with confidence and establishing an appropriate reserve to weather the worst case scenario and then some, you can make an informed decision if this is right for you.

I would like to do substantial improvement to the property by building additionand increasing square footage by about 200%.

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To fill in the gaps and gain the confidence I need to properly evaluate a deal and then pull the trigger.

Lastly, be flexible in TI (Tenant Improvement) you're willing to provide to your potential tenant.  

I was basically just curious if anyone else has experience in this hybrid type of park and/or could give me any local area advice/expertise.The property is 1/2 mile from Lake Conroe so I'm confident the "vacationing family" or "Houston commuter" would be enough to fill the units.  

If I could go back in time I would have sold all my luxury lease options before getting stuck with 14 houses, when the market tanked back in 2007, I lost everything but I am now looking forward to doing it all again now that the market is improving, so I know how to get in but knowing when to get out is more important.

I meant depreciate 2/3 of costs for building improvements. 

So she has not had any tenants in house as she does not want to be a landlord.What should I look out for, as well as what improvements should I look into to help attract good tenants?

I only have about 15-20k I can use to invest, so I need to figure out how to get creative financing.Maybe you could consider joint ventures with homeowners who don't want to sell to wholesalers but don't have the money to do repairs themselves.I don't mean major repairs but just optimizing the appeal for a retail buyer.Once you agree on an as-is price near what a wholesaler would offer you could lock it down with sales contract.Then a joint venture contract could be drawn up that protects both parties.You would not be looking for distress sales because the homeowner needs to be able to keep paying the mortgage and has to have enough funds to move out before the work is completed.You would have to be selective about the owner and be confident they can fully understand the process and that they can pull it off.