At the beginning, if you have nothing to work with - which is just about true if you *can't* pay all cash for a property (and I'm not saying you *should* pay all cash, just that you don't have the resources to do it), you should expect your returns to be paltry. 

As a local manager we don't come across true squatters very often. 

Is this true? 

I know no other industry where this is more true than property management. 

It's true that you can do a longer contract and most wholesalers do but also most wholesalers fudge the numbers and make the ARV much higher than what it's actually worth or the rehab cost is way too low.

The tried and true way is to purchase a off-market property, rehab for no more than 75% ARV, refinance to get your money out or payback the private hard money loan - start short-term leasing the property.

basically if its TRUE RV there needs to be on site manager to collect payment when they roll in for the night and most RV parks also have amenities that need tending

Someone mentioned "buy the real estate, not the tenant" and that is true to an extent, but you also need to know what kind of rent that real estate will garner down the road. 

If you buy your relative’s house for $130k-$140k and put in $10k of updates, make sure to get a Broker Price Opinion (BPO) and/or a formal appraisal to show its true value.

Ill let you know if I decide to do it and I will not let you down with my trash talking (the same likely won't be true of my rowing).