If it can be classified as investment, then income / profit falls under capital gains.Once you start the rehab, and sell within a short time, then it more likely will appear as inventory rather than investment; this is more of a gray area than the first scenario I outlined - you might reasonably be able to justify that this was not inventory if your past dealings were all held rather than just sold, and this one sale for profit is just an anomaly rather than the pattern.

It is only an anomaly to you. 

Buying off the MLS may be possible however each and every situation will probably be an anomaly, and require a different set of tools and skills to identify and exploit the opportunity.

I didn't read the other posts, but the 1% rule of thumb exists in 'reasonable quantity' for those who look (a little harder to see/find now compared to 5 years ago) in most of NC except the metro areas of Raleigh, Charlotte, Wilmington, and anomalies like Ashville and other lower population/high demand islands like coastal cities.

Unless mobile homes are in rural areas a lot of states frown upon them.California is kind of an anomaly where some trailers might be 500,000.In other states generally they are pretty cheap like 2,000 to maybe 30,000 for brand new.

Denver is kind of an anomaly and it very well could be the next major American city years from now. 

I imagine that type of crash is an anomaly and historic corrections have been more moderate.

An anomaly.

I was at Aiken on Wed.. its great and an anomaly in the south were revitalization is displacing the older low income existing homes and the owners thereof.. nothing like it in the south that I am aware of.

The fact is that 2008 was an anomaly and should be considered as such.