They could also fix it on their own (as some of Scott's buyers do) , increase the value and sell it at higher price than bought, pocketing the difference. 

Worth it?

So they double or triple the rent, then what’s e trailer worth?

If you're looking to scale it could be worth while to sell and re-distribute that equity with the help of some save leverage. 

I love the flexibility they offer for traveling professionals, military families, or folks in between moves.My main questions:Have you noticed increased demand for midterm rentals in this area, particularly from military personnel at nearby bases or healthcare workers at local hospitals?

Hi @Robert B Azimi,A home that has been registered through The Mills Act, can be rented out the same as any other property, and it can even increase rental revenue as there are people who really like the thought of living in a historic house.

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

Do you have other ways to decrease your expenses or increase your income aside from real estate? 

Housing has always been super affordable there, and new construction has increased in recent years.

Can I use my current homeowner policy and just increase the limits?