I wanted to get back in the game again but don’t have much in reserves that most if not all HML require.

I’d like to add that it’s also landlord-friendly—licensing is not required and there aren’t any rent control laws in the state.Likewise, both Greg and Eric have already spoken at length about Montgomery, but I want to draw your attention to a few other under-the-radar markets in the state that also have the potential to cash flow well.The places I had in mind include suburbs outside of Huntsville proper, like Decatur and Hartselle.

Manufactured homes are in a different classification than a modular. 

However I would say those lenders would be more willing than a bank to write the mortgage, and after completion you can refinance it.Overall, its probably easier and better use of your time to just find another house that doesn't require the construction and where the numbers make sense.

Starting local offers hands-on experience and control, ideal for learning the ropes, while out-of-state investments can provide better returns but require a reliable property manager.

I wouldn’t worry about the higher dp because any investment property is going to require 20% down , like a DSCR  Let me know how that turns out!

If the LLC is the maker on the note, there's a good chance you'll be required to personally guarantee the note.

A vacation rental could generate higher returns but requires more active management.

I wouldn’t lower your credit score requirement or you’re going to end up needing to evict again and having turnover expenses.

So ultimately this may require a discussion with counsel, and you may have to settle on splitting the cost.