You can look at a mobile home and see it as an easy rental with new carpet, trim and some paint but there are other bigger uglier expenses that can come up.Roof Replacement, soft floors (water damage) in kitchens and bathrooms- most floors are particle board, exterior door replacement (special order), underbelly insulation falling, bad hot water tanks with rotten floor underneath (real joy), bad windows (water again), bad bloated siding (water), water damaged base frame around perimeter of home, cracked tubs (special orders) and frozen pipes (Good luck finding a plumber to come work on a mobile home- they do not exist). 

Hey, sounds like a solid strategy.

As easy as this sounds, it's not simple and usually like pulling teeth.

I requested money from the guest for replacement and contacted Airbnb in the meantime, and the guest left me a bad review because I requested them to pay for it. 

Discussing these points can help you make a sound decision.I agree wit @Noah Corwick that permitting and construction cost make this a tough option.  

It sounds like you are in a great position at your age. 

I'm not looking to replace my w2 income with it.  

Sounds like the Goodegg got out over their skis but no doubt many other sponsors did as well.

I respect him and what he did for BP, but that sounds like bad advice. 

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.