A project that has a 1 year turn around has a different risk factor than a project on a 5 year or 10 year plan because you must endure a whole cycle which is typically 10 years peak to trough.So if you deal with a  mess which this sounds like then the upside has to be HUGE for your time.

All great and good stuff, but do factor in the repeat funding fee.

@George P. does that mean you have no problem filling your rentals and so you don't factor that in to your rent? 

The numbers may be great but you need to understand the headache factor involved for you if self manage or how much it would cost you for a property manager to handle.  

Mentioned a great point, the tax consequence of a sale will bring property tax up to date based off the sale and the last time it was accessed was when the park was built in 1938 so I’ll be facing a huge unknown there as well so all in all I think the “F” factor is way to high with no upside that I can see.

When I worked down that way I had to drive thirty minutes to park my trailer. this was New Braunfels.

@Greg KendallThe Capital Gain will be your selling price minus your basis.Your basis = purchase price PLUS capitalized costs (which would include many of the costs incurred to get the property to "in-service" condition...loan origination costs, closings costs) MINUS depreciation taken.And you are correct- the amount you owe is not factored in, although certain loan costs and interest can be either capitalized or expensed.Also @Andrew Reyes brings up a great point- if you intended to sell this property after you had rehabbed and placed a tenant, you may be seen as a flipper and the gain could be taxed as ordinary income.Andrew also mentioned that holding for 2-years will help.

We will be driving there and staying at a VRBO condo with our two small kids.

On the purchase side, when shopping for a home, one listed by open door on the MLS with a sign in the drive way didn't even show up on their app to view the home, so they missed a potential sale. 

Another key factor to consider is whether any of the market has a good property manager since I invest out of state.