1) If you own an investment property, with 1031 Exchange I can sell the investment property and buy a like-kind property and defer capital gain taxes.

South Florida seems to be an expensive market to invest in especially when you do not already have the capital as properties can be on the high end.

Ohio is a great location for that range of capital.  

Also consider when you renovate your initial returns in early years are lower bc of up front reno then improve after two to three years depending on what you inject as capital improvements.

If he wants to be more of a lender than an equity partner maybe give him a 15% interest rate, 5% is paid annually and the remaining 10% gets paid out at a sale/capital event or after a certain amount of time (3 years).

Plenty of Texas banks, Texas Capital, Southwestern, Plains Capital.Good luck!

MHPs take longer to turn around (you'll need more patient capital), the 3rd party management is terrible, and they are a great investment in any market.  

You can also build your capital and move that into some multifamily purchases down the road as well.

@Erin NewtonI understand this was a quick calculation but don't forget to account for the other operating expenses, utilities, capital expenditures etc.

And really, they should have enough capital (cash, line of credit or something) so that they aren't waiting for a draw in order to fund the next chunk of work.