Regarding the income aspect - Something to consider talking with your CPA about. 

Key is to understand all the aspects of the ARM-Is there ceiling or floor?

I am little late for this thread but....I have personal experience in every aspects of mobile and tinies.

Sure it is one aspect of "control" over your personal investments but NOT nearly as important as you make it out to be.

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

Here are some insights and advice to help you navigate your real estate journey.Fix-and-flip Points to Remember:Make sure you comprehend every aspect of the renovation process, including precisely predicting expenditures and adhering to deadlines.For the refurbishment process to go more smoothly, establish connections with reputable suppliers and contractors.Always keep an emergency money on hand in case something unforeseen comes up when renovating.Financing: Look into financing choices for prospective rental properties as well as fix-and-flip projects.

So, if you absolutely want to spend $350k - $400k, you might as well buy two condos instead of one, which will increase your return and decrease your risk.Now, a word about the fanciness aspect.

Right now in a partnership you'd either need a mentor/consultant to guide you throughout all aspects of the deal and partnership or wait and hold the land for now and gain the necessary experience to maximize your profits on this land in the future.

**Another aspect is that I am worried about investing my cash (currently in 5% HYSA) into real estate and then the market declines as interest rates are cut. 

PHAs are broken down by HUD under various aspects in two categories, a large PHA and a small PHA.