Billionaires don't have to worry about an unexpected medical bill bringing you right past your deductible and out of pocket max in one shot (as we did in JANUARY last year...thanks to a hospital visit.

There are 3 major components to buying rental property.

The magic is when all components are hitting on all cylinders (great location, operator, business type, parent company corporate support, etc.) 

Late night calls, chasing tenants for rent, and dealing with unexpected repairs... just to name a few.

All strategies can make a lot of money, but the key ingredients missing in the 1-4 family strategy that you have set out is that there is no value add component and no large scale. 

The last thing you want to do is use all your saving to buy a place and then have a vacant unit or unexpected repairs.

I wouldn't do any deal without having at least 10k in reserves at a minimum to cover anything that unexpectedly goes wrong -- don't drain every ounce of your cash just to get started.

And be prepared for the unexpected, because it will happen.

While MHP Parks can be a cash cow you have to make sure you buy right, and that there is an add-value component.

Obviously, the best approach would be to map out all the interior CapEx items and their expected useful life.One more thing to keep in mind: exterior CapEx might be "covered" by your HOA fees, but if the HOA isn't well managed or there's a big unexpected expense, you might get his with a special assessment.