thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

Just make sure you do you research on Manufactured guide lines and requirements. 

A/C is not required in Texas as well. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Real estate is NOT a passive investment and requires lots of analysis and education.

They required me to have reserves, experience, describe what I would do with the property and they did an appraisal on the property. 

Things wear out over time, require updating, upgrading, replacement etc..

Is the sum of the cash flow and appreciation higher than your required return?

I’m trying to keep things moving, but this $20K requirement is throwing a wrench in my plans.

Well I guess because it does require real work they have to actually find the deals coordinate the rehab and get them sold..