I still earn a good income from my W2 job, and plan that to be the case in the next 2 years in addition to this mobile home park. 

I don't know your market but in Indianapolis, these $1,000 properties that you buy from the city are generally in pretty bad areas and I suspect that's the case in yours.

It will take 1-2 months to hear the case in Magistrate court, then, if everything goes your way, you must evict those that did not give you the keys back and move out( giving you possession back).

Case in point, I was able to get the laminate vinyl planking for a floor job for $.60 less a sqft from a local flooring company vs Lowe's.

That hasn't been the case in the past.

A new Cincinnati ordinance is now requiring landlords with 25+ units to offer some other alternative to the standard security deposit, and I am sure such is the case in other locales.Does anyone have any experience with this type of insurance?

Case in point, a buddy of mine from the SF Bay Area has purchased 6 OOS properties in the last 18 months all purchased from the equity of his primary home.

If that is the case in your market, you may find your offers to be less competitive than necessary to "get the deal."

In your initial start-up costs budget for replacing some furniture - while hopefully it's all in good shape, that's rarely the case in my experience and having some $ set aside for new mattresses and/or a new sofa is wise.I second what @Karl McGarvey said about researching the required occupancy taxes - that varies widely by region and is information you should be able to find yourself.  

Im a buyer involved in an Earnest Deposit dispute with a seller here in CA.Is my liability capped at the loss of the earnest security deposit (3% of Purchase Price) or am I also potentially liable for any attorney fees in the event that I lose the case in arbitration??