The beautiful thing about real estate investing is there are several avenues you can choose from depending on your end game. 

You only need to put a small game plan together to start running the numbers base don zipcode, property type, sale prices, common rents/cash flow.You would be surprised how far $150K can get you to cover a New primary home and 1-2 rental properties back to back. 

However, often it's simply miscommunication.Policies on initial consultations vary widely, and mine have changed more than once over time.

If you bought something today with 5% down, you will be way ahead of the game two years from now and that PMI cost won't matter.

Landlord-Friendly:Tenant laws here are more favorable for landlords compared to more regulated markets like Minneapolis, which could be a game changer for you.3.

Also "best" will vary from person to person. 

The problem with tax sale is it is very state specific and vary tremendously.Tax sale is definitely not “without risk”. 

I'm sure this answer varies by state (I'm in Alabama), but I was wanting to know how everyone handles this situation, whereby a Tennent moves their trailer onto your property, then at some point later stops paying lot rent for whatever reason.

Aside from the items that you already suggested, the only other thing you can use to verify the stated income is the seller's bank statements (not all sellers will release their bank statements, but some will).The expenses will vary a bit from owner to owner, so you're better off reaching out to a local property management company to get an understanding of how much things cost, unless you plan to self-manage the property. 

@Nikhil MascarenhasDifferent people go different routes depending on their risk tolerance, their amount of equity and compared to other assets owned, how patient they are with a complicated set-up and high legal fees, whether they view the $800 as game-changing or just a cost of doing business, etc.