The idea of house hacking is using owner-occupant low risk mortgages to become a real estate investor and a landlord, to jumpstart your journey. 

Or setup one entity for management and a separate one to hold my interest? 

You can get up to 75% of the ARV on a cash-out, with rates starting at 5.875% APR and a 680 minimum credit score.

Of course, if there is a severe recession and a "run on the bank" situation, then the redemption feature is gated.

I know it has been costly to replace/repair the damage done especially with the property being vacant and a monthly mortgage payment due as well without any rental income coming in.Any advice is greatly appreciated.

As a "Realtor from Kansas" and a local real estate investor, I try to give as much free advice as I can! 

Send a letter giving them your/pm's contact and a detailed explanation on how to pay the rent (Helpful with older residents if you are going from check to online billing.

A loan is better that has a lower rate, a longer amortization, and a shorter prepayment penalty.... 

I have a chance to acquire a property that includes a mobile home park (100% leased) and a separate multifamily property.

Landlords tell themselves it's "guaranteed rent" but that's not true and a lot of the tenants come with "guaranteed entitlement" or "guaranteed turnover costs" that will cost you more than any increased earnings.Some people do very well with Section 8.