You don’t start paying on the rehab portion until you actually draw that money, but you will need to start paying on the purchase price immediately. 

Actually my $50mm figure above is wrong. 

A helpful trick is to completely ignore the rents the buildng comes with and figure out the actual market rents you can get. 

I don't have any properties yet actually, really just starting out in my real estate investment journey.

I don't actually have an answer and it's not rhetorical. 

Even then you would still need to actually go get the license and maintain it.   

When offers come in, prioritize pre-approved or cash buyers for a faster closing process, negotiating where needed to maximize your profit.Finally, conduct a post-sale analysis to evaluate your financials, noting how actual costs, timelines, and profits compared to your initial projections.

Long story short, if you use an FHA loan to buy a property, you need to actually use it as your primary residence (move into it and live there) shortly after closing and continue living there for a year or so.

These homes tend to individually appreciate over time and are actually not bad places to live.The places with the lot rent you have to decide if you want to be in the mobile home business and buy the park.

Tenants will say all kinds of crazy things to you that they have no intention on actually following through on (often it's "I'm going to sue you!").