I’m curious to know what pros and cons, pearls and pitfalls exist for 10-15 unit MFH deals that involve a collection of individual houses from one development... as opposed to the apartment building type of MFH.

Look into rolling it over into a self-directed IRA and, as others have stated, do some research on it because there are pitfalls.

But there are some potential pitfalls to consider on the back-end:The mobile home adds rental income, but not necessarily appraisal value (in most states, they are titled as vehicles, not real estate).

Especially the pitfalls of the purchase.  

The pitfalls to a rent to own is when the tenant can't pay when the option date is due and if you don't pay your rent you can be evicted.

However, I'm wondering if I am missing an opportunity here, if anyone has knowledge of the potential pitfalls, or if there is anything that could be misconstrued into a legal issue.

I will appreciate if anyone who has done similar deals, can take some time to throw some light on how this program works, how does the buying process works, any pitfalls or things to be look for as part of the due diligence.

For those who own on the islands, what pitfalls have you encountered and how did you overcome them?

That will help you to avoid some of the pitfalls mentioned above.

Greg:    First, do not get discouraged by anyone, someone else is doing it so you can, not going to be easy.If not done already I suggest to look into this:Enforce that PM uses a great website for rental screening, ones with a background check and choose the best tenants possible.Review you leases to close any pitfalls and enforce the lease to the T.Keep the units in good shape and keep extra cash reserves ( fixing + trip expenses )Tiger than normal lookup on the PM ( have second PM line up ), vacancies, unit showing costs, repairs, fees, etc,  require a once a week normal operations report and a once a month full operations report.Family, friend on virtual assistant that regularly drive by the property and reports to you, or if cash flow allows and deem beneficial you can install security cameras and remote view activity on the property, nowadays there are lots of options.Check if feasible to get a home warranty plan for the units so some pain issues are self-managed by the tenant via a phone call to the warranting companyIn which city/state is the property?