The way I see it,1) Diversification is important.

I do not know your area in question but I’m from Toronto and this area is highly over priced and hence I have been buying in smaller cities surrounding it that are benefiting from the ripple effect as well as massive pro immigration laws in Canada as opposed to USA.Mark Cuban says diversification is for idiots.

To get that you'll need ~4,000,000 in equity (40k x 12mos divided by 12% return on your cash).(3)Diversification (trying too many real estate ideas at once) is your enemy! 

He was the example of what not to do in life...well his jerk off brother decided to take his 50k of family inheritance and put it all into apple stock.My econ teacher all year told us how stupid his brother was for doing this and diversification is how to invest etc.  

I am sure you have likely come to the same conclusions, but I am a firm believer in diversification of knowledge, and hope that maybe I can provide some thoughts that you have (or anyone else reading this) maybe overlooked.For starters, when I search for manufactured homes in any particular area, one commonality I see is that the well-kept, well-maintained ones are usually in 55+ communities.

There's also been no vacancies at all in this time frame (again, keeping this apples):Person 1: $360,000 cash flow ($1000/month x 360 months), 5 homes free & clear worth $625,000 (5 x $125,000)Person 2: $324,000 cash flow ($900/month x 360 months), 1 home free & clear worth $125,000Person #1 net: $985,000Person #2 net: $449,000In this example I've left out all the ancillary stuff, both good (tax benefits, diversification) and bad (more exposure to capex, maintenance).

But assuming you find someone you trust they can motivate you when you're discouraged, they can do the tasks that you find difficult or more challenging (hopefully they compliment you and aren't simply a mirror image of yourself), they can help you to maximize your time thus allowing you to get into more deals at a single time (diversification), and even if they're not overly experienced just having someone in the field to bounce ideas off of, brainstorm, and potentially catch a potential future problem can be extremely valuable.That's the kind of partner I aim to be and the kind of partner I'd like to find (always looking).

@Inna Lauris  Yes, I mentioned the diversification point, earlier in this thread.  

If the remote management turns out to be easy then you now have market diversification which is fantastic. 

Sure diversification into things other than real estate might be a good thing.