Identification rules matter when you’re looking at fractional interests or multiple DSTs; most exchangers either identify up to three specific options or use the 200% rule, and they keep backups in case one deal slips.From an investment standpoint, syndication-style TICs and DSTs are passive and can be a good fit if you want mailbox income and institutional management, but they’re not all created equal.

Reporting rules a lot more strict and not worth it on a condo.Do a LLC and draft an operating agreement that keeps all parties whole.

I’ll also say, since you’re still exploring, it might be worth broadening your lens a bit—markets like Columbus, Ohio are attracting tons of out-of-state investors right now because they check so many of those same boxes in terms of affordability, landlord-friendliness, job growth, and population inflow, and you can still buy rentals in the $120–180K range that hit the 1% rule and generate immediate cash flow while riding the wave of appreciation from huge employers like Intel, Amazon, Google, Honda, Microsoft, and LG moving in.

adding a fourth bedroom and bathroom along with updating lighting, painting, and making a functional garage.

No point in having rules if you don't stick to them.

The number of staff needed typically depends on the size and amenities of the park, but as a rule of thumb, you'll want at least one full-time manager or an on-site couple for every 80 to 120 sites.

More importantly make sure you have your house rules, agreements, and home organization set up to make things smooth for all your tenants. 

Assuming the quality location is the same for all options and purchase prices listed above, I would go for the single property so long as there were comps hitting the 20% rule (rev/pp).

Originally posted by @Buddy Holmes:I attended a recent webinar where a syndication principal was cautioning about the 1031 exchange ability of LP and LLC entities.He was saying the they must have a TIC form in order to conform to the 1031 rules. 

The 1% rule doesn't account for interest rates/downpayments, it purely looks at the property math.