There may be some restrictions on rentals in some of the MH parks, buying the MH's outright might be better than financing because there are some lending restrictions on older MH's. 

All these statutes supercede any written contract between landlord and tenant.Now, if they stop paying, then you do not have the restrictions above. 

What are pros and cons or restrictions? 

Going to the credit union where there are less restrictions makes since.

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

Beyond that year, there are no commitments and no restrictions to what you do with the home.

Shoot me a DM and I'm happy to chat.Chris Also, Portland (in the city) has restricted STR licenses to owner-occupied properties, so that won't work if you're living in Salem.Wow good to know, thanks Chris! 

Any local land use and zoning restrictions?

Reach out to @Alyssa Holbrook as she has a property she is trying to do it on now.Thanks a lot @Jonathan GreeneI was reading the SLC docs and it seems that the restrictions for owner occupancy only applies to single family homes and duplexes are exempt.

If they do it increases your odds of getting approved.