As an investment property owner, this means less maintenance and fewer unexpected expenses from storm related damage, often resulting in more affordable insurance premiums, less wear & tear on mechanical equipment, roofing materials or exterior surfaces.

If the building is currently recognized as a single family residence,  then you are changing use and presumably will need to sprinkler the building and satisfy other fire rating and STC rating requirements not to mention the added costs of having to run mechanicals for multiple units, multiple kitchens, additional bathrooms etc.  

We are negotiating for a mobile home, he listed it at 40k, but when we offered that, he then negotiates for 42k.

If no, are there photos of each unit and all closets, the basement, the roof, the exterior, and all mechanicals?

Speaking of Islands, do you have any contacts on Dauphin Island below Mobile? 

This is coming from someone to stepped out of W2 in their early/mid 30s, and I can tell you first hand it's not cheap and anybody that tries this really does not understand the reality of it.To your other questions, cash flow is just a mechanism of leverage nothing less or more.

That being said, I'm part of an experienced Syndication Group who invests not only in Multifamily, but also different asset classes:  Self Storage, Mobile Home Park, RV Park, and Retail - all to diversify the investment offerings.Reach out, and the next time we have an LP capital raise, I will send you the OM (and obviously info on our company) to review.

Mobile homes are relatively cheap.  

Basements (if they have them), roof, attic, crawlspace, exterior, and all mechanicals are where all the unseen costs are not in the kitchen, bathroom, etc.

But I'm not familiar if title could get clouded from another mechanism at the state DMV for instance Thank you for your response!