Just focus on running the numbers carefully to ensure the property cash flows or at least covers expenses, and don’t hesitate to lean on resources here for advice.If you’re financing, look into FHA loans, as they’re great for first-time buyers purchasing up to 4-unit properties with low down payments.

With Plus, you can use Classes to separate properties and accurately track income and expenses by unit.

Do you have cash reserves for capital expenses and improvements? 

Find the best property you can afford that also can produce enough income so that your monthly out of pocket expense is equal to or less than what you'd pay in rent.

Agree it is difficult to assess costs when they vary so much by location.Keep in mind that some turnovers are sickenly expensive, and that is just the nature of the business. 

Originally posted by @Travis Lemley:They will most likely vary significantly with flips being more expensive. 

I have a vision of building and developing mobile home communities in upstate NY that are vertically integrated to allow future members to choose from a catalog of homes, have them installed, provide them with financing options, and make the process of selecting, buying, and living in the community very smooth.Since this is my first time doing this, I would love to chat with an experienced mobile home developer on the following items:Zoning - navigating the zoning process to allow the community to be allowedStart up costs - I am a finance person who would love to better understand start up costs - septic / electrical / water / pads / roads / etcOn Going Maint Costs - in building our business case, I want to build a conservative financial model to capture all re-occurring expenses - utilities, landscaping, capex, septic clean out, etc.I know this is a lot, but would greatly appreciate talking to someone who is an expert in this asset class!

Since comps are limited, analyze similar nearby locations to estimate demand.When pitching investors, focus on a clear business case: expected income, expenses, occupancy, and ROI.

Quote from @Joaquin Camarasa: @Erwin Groenendijk just reread this and understand that as an SL I would be able to deduct expenses.

At $5k/month with a 40% expense ratio, you're at a 21% cap..