Finally, double-check local demand and rent trends in the area to ensure the pro forma income is achievable.I’ve worked on several mobile home park deals as a broker and am currently helping a few clients sell their parks, so I know how important it is to ensure the numbers make sense both now and in the long term.

It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

From tax stand point I would think you can separate from primary and be okay with IRS being that IRS will not be local code enforcement.  

@Chase Calhoun mainly we work with local builders but we have also purchased from the regional builders as well.

I am a local agent here at an investment brokerage, and would love to connect for any future deals you may be looking to purchase.

A local Housing Commission needs a very good reason, with lots of paperwork, to exceed a limit.

@Anade DavisHi Anade, You’re on the right track with reaching out to your survey and engineering company—they often have strong connections to local contractors.

I suggest you start with developers in your local area (your county and neighboring counties level) because they would be your most likely partner or parcel buyer. 

What worked for me was listing on multiple platforms - Facebook Marketplace, Craigslist, and even local community bulletin boards.

As a lender, fostering relationships has been an incredible opportunity to create a healthier local real estate market.