Buy cheap Lot + move cheap mobile home onto it ?

[Alex Locklear]

Looking into buying a cheap (5K or less) lot here in NC in a small town within 20 miles to a major city (Raleigh,NC). My plan is to find a cheap mobile home (5k or less) and having it moved onto the lot. Would have to add septic and water (well) and have priced that out to about $10,000 for both. I'm hoping to be all in for around $20,000 total. 

My plan would then be to sell the house on owner financing/rent-to-own and then eventually just charge a lot rent. Do this, rinse, and repeat. 

I know most people are traditionally looking to do either Lonnie Deals inside an existing park or owning the parks themselves. Curious to know if anyone is doing this particular strategy? Buy cheap land, move a cheap mobile home onto it, sell it via owner financing and then just rent the dirt... 

[Jeffrey H.]

I did one last year in a small town of 500 (no zoning ordinance) with city utilities.  Here is how it looked:

1. Land - 6K (from a direct mailout)
2. 1999 76x16 - 3K
3. Move and setup 150 miles - 4K
4. Water / sewer taps - 2K
5. Porch - 1K
6. New 3.5 Ton HVAC - 3K
7. Home Rehab - 15K

I was all in around 37K, then Seller Financed for 50K over 10 years.  It's working out well and the monthly payments are basically the market rent rates ($750 per month).  In my case I retired the mobile home title to the land.  I thought about lot rent but it's a weird model when it's just one lot.  The land is what makes these deals desirable for buyers.