It is my opinion and observation that is the probable reason for this lack of closed volume, as, our months supply is actually not up much at all. 

This will allow you first hand experience observing what other investors are doing that is successful, give you great local market experience, but best yet, give you industry experience, learning laws, codes, leases, tenant relations etc..

Whereas a rental property that is not owner occupied would require a 20% or 25% down payment.Your observation, "-Lower payment means less money locked up in the mortgage, which can in turn can be used for other things (like more investments or renovations)" is correct and is one reason for keeping the down payment as low as possible.

I re-did the numbers considering observations made from various posters above. 

After a decade of keen observation in the real estate market, I've made the strategic decision to transition into the role of an investor-focused real estate agent.Rooted in a background encompassing both business and real estate, I assure clients of a smooth and efficient transactional process.

I'd say you are in a unique spot right now getting to observe a market with outsized demand for spots and higher earning inhabitants than usual. 

And after having spent a lot of time sometimes as a participant, sometimes as a speaker and sometimes just as an observer, it all boils down to a few things for me.1.

They were willing to buy the MH simply because it was totally new.So there is confirmation of your observation with a MH twist.

Along those lines, as @Bob Willis observed, we are owner occupied on every side of one of our properties and more than half of them (4) are a hot mess and look like fixer uppers with untamed grass, cars piled up along the driveways and/or weeds everywhere. 

Observing that the business consistently attracted a loyal clientele, coupled with high profit margins on services rendered, I saw an opportunity.