In a down economy investors who are over leveraged and can't get more capital could be forced to sell-or worse. 

We used personal capital to buy at auction, a hard money lender to finance the rehab, and a conventional loan to remove personal capital How did you add value to the deal?

Where I'm at---I'd love to close on a few deals to create capital and as soon as I can invest that in flips, rentals or my own personal property to start to establish long term cash flow and a future retirement.

What you're getting in return for the initial capital needed to buy this deal is good (thank you, leverage).A few things I'd like to note: the monthly cash flow is a bit weak for me personally.

We would like to move into something with more land and I cant decide if we should keep our first house which I could sell with no capital gains, or keep and have about $500 in cash flow as a rental.

I'm mostly worried that it would be difficult to ever fill the park out and capitalize.

Would depend on how much capital you have for the ultimate strategy

Now that I have a little bit of capital I'd love to attempt a quick flip, but in another market where prices are more affordable. 

Taxes are based on the difference between your sales price and your acquisition cost (purchase and capital improvements.)You should speak with tour CPA and lawyer to best structure your business to minimize the tax impact.

Nobody wants a POS mobile built in 1951 that needs an extra $5k in capital repairs before you can rent it out, but obviously a 2005 DW that's at least B condition isn't something I would necessarily stray away from.My question is for all the park investors out there: do you prefer a larger number of park-owned homes or tenant-owned homes?