Needs gutters, full kitchen and bath, floors, paint with some drywall repair, windows, front porch and the deck on the rear is pretty poor as well.

I am not an expert in either lead or FHA, but here are a couple thoughts for you to look more into.By lead in the unit do you mean paint?

Paint and carpet are tough enough to organize remotely.

You can look at a mobile home and see it as an easy rental with new carpet, trim and some paint but there are other bigger uglier expenses that can come up.Roof Replacement, soft floors (water damage) in kitchens and bathrooms- most floors are particle board, exterior door replacement (special order), underbelly insulation falling, bad hot water tanks with rotten floor underneath (real joy), bad windows (water again), bad bloated siding (water), water damaged base frame around perimeter of home, cracked tubs (special orders) and frozen pipes (Good luck finding a plumber to come work on a mobile home- they do not exist). 

We painted the inside, opened the kitchen/dining room, replaced windows, removed a nasty fabric lined black tub from the basement, replaced the siding and redid the bathroom.

Painting walls, updating fixtures, or handling minor repairs yourself can save thousands upfront.Consider Your Exit Strategy: You’ve got the right idea;house hack for 1-2 years, then convert the property into a long-term rental.

I have seen this in Milwaukee too many times, the only way to make it work is VERY hands-on.If you end up renting it in March for IDK net $200 the property will have lost a LOT more in the next 12 months just in condition vs what it looks like now (assuming that it is freshly painted?

We did remodel on this one with new lighting paint, auto gate etc.  

Ah, the beauty of real estate: no matter the horrors a house has seen - satanic rituals, questionable paint choices, 1970's wallpaper - everything cleans up.Bloodstains?

.- You close on December 10th- The property is in great shape and does not need any significant repairs- It only needs some paint touch-up and changing a couple of broken fixtures, which you do yourself- You spend the next week buying furniture, electronics and supplies and installing/arranging everything yourself- You also roll up your sleeves and scrub the toilets and sinks and appliances- You put it on AirBnB/VRBO and have your first guest renting it for the 3 days of Christmas- You second guest rents it for the following weekend and leaves before NYE- You personally clean and restock the place between these two guestsCongrats!