That gives him three months to find gainful employment and ensure he can afford future months, and it gives me a double deposit in case it doesn't work out and I have to evict or something. 

I do feel that the FL market will likely continue to increase over the years, so purchasing now would ideally cash flow as well as gain equity and appreciation over time.

Always use the best and most experienced MHP attorney you can find in a case like this because their experience and affiliation with the MHP community will carry weight with the city. 

If you sold for 140k (let's assume no commission) you would have a capitol gains tax due on the 20K. 

However, should I be maintaining records and receipts of the expense of these repairs for capital gains and depreciation reasons in the future?

Purchase price: $1,300,000 Cash invested: $130K down + $140K in improvements Sale price: $2,000,000Here's a quick video overview of the experience we gained owning this building: What made you interested in investing in this type of deal?

With your income you should be able to do all of the above anyways so congrats on the success so far.I appreciate your reply - only debt I have is a $350 a month car payment, I will most likely keep the home for another year or two then turn it into a rental for 3 years and then sell before the capital gains monkey catches me (2 out of 5 years  I think) So it would make sense I think My emergency fund is solid as my rent is covered mostly by roommates and having 60k just sitting in a .5% interest account is secure enough to last me 3-6 months (truth be told 20-30k is more than enough, I live really low) 

One of these tax advantages is currently at-risk: the 1031 exchange.If you're not familiar, the 1031 exchange allows an investor to sell an investment property (or set of properties) and roll any gains they may have into a new investment without paying capital gains taxes on the money they've made in the first investment.

I imagine a lot equity gain whenever building material costs lower.

I.E. a $1,200 loss was like having another $100 a month loan.Some of the things I wrote off werePower tools needed for the business, lawyer and accountant bills, mileage, office supplies, new printer, storage area .....If you want to grow bigger than 1 rental, make sure to understand what a gain/loss will do to your buying power.