., I can understand why you would want to develop a new small multi-family.

Not sure I understand your question regarding contingencies ??

Kameron, As far as I understand, a mobile home community is a multifamily/commercial asset. 

Although the article in link below is specific to Pennsylvania, if you read the part under Section IIa "Purchase Money Mortgages", you can see some of the issues to look for in other locations:http://dornish.net/understanding-pennsylvania-mort...

I understand there are risks involved, but I feel it would be minimal since I’m only looking at using around $80k for the rental purchase.

@Tiana O.The way I understand it You will have to pay yourself some salary  commensurate with the work your doing including FICA but the rest can be a dividend /distribution void of SSMED Tax. 

Thanks Wayne,I understand what you are saying about the repair cost, so will put a large contingency in.

By Value, I mean that Projected Sales Price - Cost of rehab - purchase price leaves a reasonable amount of profit to make it worth it.On Auction.com, I participate in Auctions every week where I have physically gone to properties, tracked down previous owners, done all kinds of analysis to get an understanding what the rehab cost may look like. 

I definitely enjoyed my time in that area.I'd love to hear from investors of their preferred real estate agent that understands the needs of a real estate investor.I understand that you cannot provide the contact info via the forum, so please feel free to connect and message me.Thanks!

The only good thing to manage your first property is so you have a complete understanding of all that is involved.