This is not a "best case scenario" that I'm illustrating, this is happening right now! 

If they will do a loan with less than 1, the pricing takes a hit.I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

The longer the term, the less of an impact on the rate.I've included an example below to help illustrate this.

As you retain investments, your equity position increases via: Paying down the mortgage, Market-driven appreciation, Value addition through property improvements.Let's illustrate this with a scenario: An initial investment on a $100,000 property generates a 20% COC return annually.

One last point ... your story also illustrates how much is learned by actually DOING a project. 

I cannot even come close to illustrating the task it was to track these guys down over the phone, in person, etc.

Here is an interesting article with a really cool graphic illustrating Charlotte's projected growth through 2025. 

So there are many many properties in Ma that are still legally owned by the owner from 10 years ago, even if it was foreclosed and resold a half a dozen times.I'm using this as an example only to illustrate the need for a title company.Plus, if you trust the seller to record the deed after you've paid him, how do you know he will?

Matthew Gardner over at Gardner Economics (http://gardnereconomics.com/) has a chart that illustrates the cyclicality of real estate markets.

Information offered to illustrate the potential benefit of buying the trailer.To answer the OP, if you can stand living there, maybe not a bad idea.