You’re operating in a legal grey area or you’re breaking the law (depends on the state) and an agent isn’t, because they’re licensed.

If your mortgage is ~960/mo and you are getting $1200 then it is currently operating as a poor investment.

If you guys are looking to rent it out then you would need to run a pro forma factoring in all of the operational expenses associated with the property against the rental income ( amortization, economic vacancy factor, insurance, property tax, reserves for capital expenditures and repairs, etc.) and see if it is actually a profitable cash flowing investment.

My question is, what would be the most efficient way to operate this for the most tax advantages/breaks as opposed to claiming it on my own personal taxes? 

It says"Over a portfolio, over time, your operating expenses (not including financing  costs) are going to be approximately 50% of your income"Notice that is Does Not say "every property will have exactly a 50% expense ratio." 

Are they insured, operating under a brokerage, Licensed, etc...We run into all kinds of companies that are illegal start ups and use uninsured cash laborers.

CAP rate is a function of market demand and actual Net Operating Income.See if the seller will provide you with three years of Income and Expense statements. 

I own a partial interest in an LLC that owns/operates a mobile home park.

Are you actually prepared to operate a business.

I bought a pair of Samsung front load washer/ gas dryer for $1350 + tax (electric dryer pair would be $1250), with white-glove service.It's possible to find better deal (for similar quality stuff) from elsewhere but one would have to be lucky to find one.