I have not paid retail for RE in many years and would not in my high cost market (average SFH is ~$1m).  

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BIG high-5! 

Going into an area with little data is high risk but could be high reward. 

Paying a bit more might be justified if the pro forma income is very achievable, but $360,000 seems too high unless renovations are already complete.Factor in the costs and timeline for completing renovations for the studio and the fifth park-owned home.

They're highly popular for turnkey rental properties because qualification is primarily based on the income generated by the property itself rather than the borrower.

A lot of research and studies have come out around high paying jobs make large impacts. 

Since the LTV on the hard money loan is high , I would personally purchase it using a bank statement loan at 85% LTV (15 percent down) and, as you mentioned, just use your cash for the rehab.

I have attached a video from our CEO on the Basics of Investing.

I highly recommend managing it remotely if possible.