Anyhow, my main question is this...I plan on finishing building out the basement home section and that will end up having 3-4 more bedrooms plus a fitness center and theater room.

I have one rental with section 8 tenants. 

I am willing to pay for the 15 foot section that we share but I am hesitant about getting a contractor without the owner of the property being properly informed by me.

The parks usually represent a lot of low property tax assessments and create a headache for the muni's so they are glad to see them go.Buying one on a corner where I could eventually sell of the land for development,develop myself, or do a JV sounds interesting.Buying rural or weak suburban just for the cash flow unless you live local and are building a legacy portfolio doesn't make sense.

Year from now you won't regret doing a right thing, you may regret corners you cut.

A great resource is the webinars section of the website. https://www.biggerpockets.com/proreplay

If Optionee does not acquire an End-Buyer within the time limit agreed upon in Section V “PERIOD OF OPTION”, noted above within this Option Agreement, this Option Agreement becomes null and void.9.

I have a 4 bedroom rental that I am targeting to low income families (section 8 would be preferable).

Ok if this is in the wrong section please feel free to move it mods.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.