I've personally lived in Kingsport and have years of residential construction experience and have several contacts in that area that operate At the top of their respected trades.

I am 26 years old and I work in the trades.

A cash out refinance puts the cash into your bank and can be used as PITI reserves or as an asset.A Heloc becomes another trade line on credit which can potentially cause a higher DTI and lower your chances for future approvals.

What sort of cap rates are small multifamily properties trading at these days in Vegas? 

added an A+ tenant due to new build and zero repair costs What was the outcome?

My wife and I have been investing here since 2015- we do several flips a year and have 20 rental units we self-manage.I'm a licensed Home Inspector and licensed General Contractor. 20 years in the trades.

Purchased creatively ( sub too) Rehab (Credit card zero interest)What was the outcome?

I recommend you join the local state trade association for mobile home park owners, and you will probably learn a lot and learn a lot of names of attorneys and others that can help you.

So knowing scope would help narrow down on risk mitigation tactics.I guess at the end of the day, it all comes down to knowing what is needed, order of operations, and having as close to true quotes from reputable contractors in hand.Beyond that, really knowing all that is needed and having those extremely detailed scope of works for each trade before you get your bids.  

I recommend spending a little extra money and pay to have trade specific people inspect the property too, not just an inspector.