I'm currently residing in Mundelein, IL and a lot of meetups I'm finding are either in or closer to Chicago (which are impossible to get to with traffic after work).

I have a realtor and a PM co I liked and trust and can ask for contractor references.

The trailer park is in a good area and a nice school district.

I hate to see an end to a property I manage, and as a PM, I appreciate the owner and will work just as hard when he allows me to sell it for him.

If that happened you would pay the lender but, you would also receive legal notice of that on your front door.As you are not on the lease, and as others have pointed out, you still get all the renters rights but, your rights are extinguished at the end of 90 days, after a foreclosure sale (If that happened).

The rent on a cruddy studio was $500 or so, and a prospect called me and said she'd like to see the place, but she could only afford to pay $400.

Now I guessed my interest rate using my my credit score and a few websites so I don't think that is the best way to get them and if anyone can give some insight on how to get more realistic rates I'll really appreciate it and ill refine the report.

I can see a situation where you and a person very experienced in property management team up and form a company to acquire assets and each of you get some sort of split of the revenue (and expenses) of that company. 

It has been vacant for at least a year and a half.

You can do it all but it takes IMMENSE time management skills and a great great team.