I would still consider myself naive though so there’s no doubt I eill be neck deep in books, articles, forums, and everything I can get my hands on.

If you have deep pockets, you could remodel the main house plus this house, and have three rental units. 

I would only look into a place that is hooked up to city sewer and water. the one I had in Oregon the drainfield expired IE came to the end of its natural life and I had to not only replace but have a 100% failure area which I had to then finagle with a neighbor had I not been able to do that I would have had to close the park.. 250k is what that cost..Now in the mid west and deep south were these parks are dime a dozen its not that critical like west coast we have some pretty strict DEQ type regs out this way.. but regardless that was a one and done for me personally.

So it was "relatively" easy for me to invest from afar.I will definitely take a deep dive into your website over the weekend.I look forward to chatting w you some more.Tim

Mentioning an unallowed 1031 and going deep tends to confuse. 

Most of the successful investors I know subscribe to the "inch wide, mile deep" theory.

And don't forget - if you want to sell your WRAP at a discount - WOW - more cash in hand.Oh - you may want to consider an unsecured mortgage or secure the seller financed mortgage on another property you own, now you have a free and clear property ---- just think what you can do with that.One more thing I should mention while we are being financial creative - when you get a new mortgage on the property, offer the seller a PAY-OFF at a reasonable deep discount -  you win again!

Where people have a deep affinity for a particular location, a place they either call home or want to call home there is your hook that leads to getting motivated buyers or renters. like you said, be smart about it.

One of my Vendors in the deep south was looking at a property this is a solid C class area were all these homes tend to be.. two youths walking up the street he turned his back on them next thing he knows he has a pistol in his back and is relieved of his wallet.. these were 16 or 17 YO.... 

Notes sound like a good idea as well but I have not got the time to dive very deep into learning about them yet.Here is some of the things I have done in the past month.I have read the books Rich Dad Poor Dad, Cash Flow Quadrant, Think and Grow Rich, Rich Dads Guide to Investing, Face the Fear Factor by Jack Miller, Flip Deals by Jackie Lange, and 5 Best Ways to Make Money with Real Estate.