You pay 10% penalty plus taxes (lets say state and federal of 25%) - so you are paying $70k in taxes so your $200k is now $130k.

My biggest mistakes that have cost me dearly have all been contractor related, so my advice would be to vet your contractors as much as possible. 

I got red tagged for using an handyman and not a licensed repairman when I started doing some renovations in Florida, and learned that each municipality has its own rules of engagement, ordinances, building inspector and so forth.

I find that it's easier to find data on STR and LTR so I struggle to estimate the income  We’d love to learn from the community and hear what’s working (or what to avoid)!

I use RentVine, and so far, we really like it. 

Line Item Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $500 Business Hour Service Calls $80/hour + Materials Cost + Tax After Hour Service Calls $110/hour + Materials Cost + Tax HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Vendor Cost + 10% Oversight Fee

Since you already own the land, you’re saving on a significant expense that often makes mobile home rentals so attractive.

My wife is a wizard with interior design so we make a great team.All of that is wonderful, but what's next.   

Use the top three or four discriminators so applicants can screen themselves.Then you need to have clear screening criteria yourself.

If so, is that recommended for a first-time buyer?