We all invest in real estate in order to make money, and keep in mind that someone who can only afford to live in a mobile home and seller-finance to buy the land is probably tight on funds. 

I'm currently renting and when  decided I wanted to focus on real estate investing, I decided not to buy in Tampa because of the low MF inventory and in home house hacking is not for me.

The 5-10 it gets heavier and a lot busier, and 10-15-20 it really is untenable to self-manage especially if this is not you main business like a person buying their own rentals and building it like a small business. 

Investment Info:Condo buy & hold investment in Ashburn.

(And I would tell you to not buy a property that doesn't cash flow unless you have significant resources behind you that could absorb anything that could come at you - like replacing a $5,000 AC one month followed by replacing a $1,000 hot water heater the next).   

Investment Info:Single-family residence buy & hold investment.

He'll still be renting - just from you instead of others, and at all the costs to you that you have enumerated.Your son doesn't "need" to buy a house.  

I would never buy a home in a flood plain. 

Investment Info:Single-family residence buy & hold investment.

I am not a lender, I'm an investor that typically buys major city-center multifamily.