In most cases, you probably don't want to be considering them for refinances, unless the property is underperforming and has an upcoming loan maturity. 

He also told me he probably wants to re-negotiate the balloon payment because he doesn't want the bulk of the capital gains all in one year.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Domes are probably the cheapest to get up and offer good cash flow.

1,500 seems pretty cheap to me, but if they have good reviews I would probably at least try them out.

I invest primarily in Pittsburgh and if you asked me I'd probably try to talk you OUT of investing here unless you're willing to follow the steps I outlined about getting situated

It will be remote, but since you live there now, you probably already have connections who either already know the house or local friends to find you good people to service things as needed.  

If it were a stick built home instead of a mobile home there probably would be less risk as long as property was insured.Yes, this is my plan to get the land back, have attorney and title company check all the legal boxes and ask my CPA to write it off as a lossBuyer is going to deed the property back to me and I'll take a Promissory Note. 

Is it doable - yes but you will need to go to a lender who probably uses their own funds vs. an instituational lender as they will not like 2nd position nor the low amount.

I think it's doable but it's probably best to visit.