There has been several occasions when values have declined or repairs exceed the budget the the real estate investor makes little or no money but the lender still get paid back with their interest.

In fact, on several occasions, we've told buyers that they could have whatever they wanted for a full price offer.

We have rentals in a lower income area, and I know those tenants cannot/will not pay a fee for every unit they apply for, and I've paid it myself on occasion.

Because of that "doing business" in requirement, doing LLCs out of your home state doesn't usually make sense (although, on rare occasions and specific reasons, I have).You family living trust provides no protection.

You can use FHA financing for approved properties up to 4 units if you have a 600 credit score and the down payment is 3.5% of the purchase price unless the appraised value comes in lower than the purchase price (rare but it does happen on occasion).  

On the rare occasion I list a property for sale I never put it on public loopnet as I am flooded with inquiries from first tile buyers that I've never had pull the trigger

There was one occasion where I saw a woman and her teenage son watching me from their door.

We ended up flying back up there on two more occasions and closed the deal. 

Will your property generate enough income that you can pay taxes and insurance, you'll have enough profit AND you'll have the cash to pay for all the capital expenditures that come up on occasion?

Unfortunately I have run into several occasions where the parks are claiming they have a first right of refusal to buy these homes.