Cashflow isn't easy here but appreciation is super strong.

Personally I like the Section 8 program when the property is located in a super poor area with a ton of blight and crime.

It felt super dismissive, and it became clear he just wanted me to sign the papers.If I were to do this again, I’d reach out to more agents and have more conversations to find someone who is more empathetic. 

Painting and flooring are super easy.

But 1) you're likely grandfathered in if they ever do, and 2) there are no talks or indications of changing directions on their stance. 3) long term rentals don't cashflow here, but our appreciation is super high.

Quote from @Brandon Foster: Hello Ryan,STR is do able in the north county area but there are a lot of rules and regulations.The city of Oceanside right now will not allow anything STR unless it’s west of pacific coast hwy.This is changing a lot too so you need to be aware of that in your plans.Carlsbad is super strict too but there are some condos that are still available to do STR in.Medium term rentals are as safer bet but way less profitable.

At the risk of taking flak here, I'm going to say I've seen a lot of super cute stock tank pools that are low-cost options. 

In the example you outlined and in the case of what a lot of people are doing right now (super high LTV underlying, negative equity on wrap, 100% financing for the buyer, low note rate, etc), then no, this wont work, primarily because whomever created the wrap note is either an idiot or a fraud.  

This is just being super picky because you asked and I didn't see any 1/2 naked pics but the one of the couple with the infant is TMI.

Unless the land is super valuable, probably not collateral for the mobile homes.