@Tim Swierczek Thanks for the information, I will check it out.

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs). 

Others either have a check sent right to them or have another piece of property the get this STAR rebate for.

Check out property prices, rental demand, and cash flow in the areas you're considering.

Most check-ins/out should be close to automatic.With our 12 properties (9 ours and 3 cohosting) we get 1 phone call every 2-3 weeks. 

Seeking advice here on the best approach, any gotcha's that I'm missing, and overall sanity check... 

If he bought this property ages ago for $33k and it is only worth $50k now, I just don't think that the juice is going to be worth the squeeze.

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

If you're considering mobile homes, the first step is checking zoning laws and utility access since some areas have restrictions.For resources, Mobile Home University is a well-known starting point, and local mobile home dealers can offer insights on placement and financing.If mobile homes are allowed, you could either rent them yourself for higher returns but more management or rent out the lots for steady cash flow with less work.

Or someone went camping and got rained out and had to put everything in the dryer when they got home.There are some really cheap motion sensing cameras these days- it might be worth setting that up.