If you like help structuring this deal differently to give you more leverage, let me know, I've worked with new investors on game plans and seen others start with 90% LTV on their very first deal.

But, sometimes waiting and stacking cash for another opportunity is the best plan. 

Are you planning to invest out of state? 

also if you plan on purchasing these mobile homes to place on the lots.

My thoughts: if you have a steady job that can support the negative cash flow, and you don't plan on leaving Long Island for at least 5-7 years, I would house hack. 

But…he can make the buyer regret it if he doesn’t plan to move it.

If you're planning to buy in the US, there are programs for those that aren't US citizens.

I highly suggest getting your feet wet in your local market if possible if you plan to rehab or manage the property yourself.

I plan to sale the lots that way.

I had planned to slowly build an investment portfolio on my own.