There is no Failure except in no longer TRYING....

@Brett O'Neill, I hope you continue to learn from everyone on this platform.If you have not, great books to read are: Rich Dad, Poor Dad The Millionaire Next Door Cash Flow Quadrant Tax Free Wealth Set For Life Rental Property Investing The Millionaire Real Estate Investor The REAL Book of Real Estate So Good They Can’t Ignore YouYou are more than welcome to reach out if you have any questions.Good Luck and go make it happen!

We need to bring our house back to life!

Start with podcasts and listen to the first dozen or so episodes of the following: Mobile Home Park Mastery, Mobile Home Parks in Real Life, & Mobile Home Park Investors.That should give you a decent knowledge foundation to at least begin understanding the asset class and get you asking the right questions. 

My CPA calls that the Lazy 1031, but that's a different story.I use my HELOC and high cash value life insurance to invest this way in multiple syndications - it's leverage and arbitrage and allows you to create wealth using "lazy" money.

(This is about taxes)You need a Zoning Permit for Visitor Accommodation:To rent your home for stays of 30 days or fewer.If the property is not your primary residence.Housing requirementsSmoke alarms must be installed:In each bedroom.In the hallway in the immediate vicinity of the bedrooms.On each floor of the home, including basements.Carbon monoxide alarms must be installed:Within 15 ft. of the entrance to every bedroom or within 15 ft. of a bed in sleeping areas if there isn’t an enclosed bedroom.Centrally on a wall or the ceiling, but not directly in front of a door to a bathroom or within 5 ft. of a cooking appliance.Under the installation requirements for smoke alarms if they are combination smoke and carbon monoxide alarms.You can’t post signs for lodging on your home.The home can’t be occupied by more than three people (including the owner and renters) who aren’t related by blood, marriage, life partnership, adoption, or foster-child status.You cannot change your house so that it no longer resembles a private residence.Information you must provide your rentersRenters are only allowed to have guests between the hours of 8 a.m. and midnight.You must tell renters the trash and recycling collection days and any trash disposal rules and regulations.

At the time that they closed the loan it had to be considered an investment property which was the case, but sometimes life happens.

Leverage a realtor ahead of time with the scope of work from the contractor to confirm what they would list it at and where they expect it to close.I would 100% restructure that payment cycle with the contractor.

With 780+ credit and 40% down coming from our own home sale proceeds, using our current lender's "customer for life" program to re-apply, and with perfect payment performance over 8 years with them, is the 28% front end DTI written in stone, or is there flexibility?

To determine if the expense should be classified as a capital improvement or a deductible repair, the context of the expense is very important.An example is, if an item of expenditure is part of a general plan of modernization, renovation or rehabilitation to equipment or other business property, it typically must be capitalized even though on its own it would be currently deductible.According to IRS Code, expenses that you must capitalize are those that:Materially increase valueSubstantially prolong useful life (including replacement of deteriorating assets)Adapt the property to a new or different useHowever, you are allowed to deduct expenses and fees for routine maintenance and repairs that help keep the property in efficient operating condition.