Maybe those bets pay off, maybe you get burned and now have to make up for those losses to get back to even and then keep going to get ahead.If you are planning on investing for the long term, just remember, that the average single family needs north of $400/mo reserved to replace the roof every 25 yrs, repaint the exterior every 15 or so years, HVAC every 10-15 years, flooring, interior paint, kitchen remodels to keep rents high, bathroom remodels, new decks, fences, retaining walls, garage door openers,...  

As for projections: a 2.3x over 5 yrs doesn't seem too far out of the norm, but definitely feels on the higher end.  

I've been investing/flipping RE for 20 yrs nationally, would love to partner with someone local to the Tennessee area as we have good inventory and opps near Nashville/Memphis/Bama - but no boots on the ground. 

@James Burciaga   thanks ..use a standard  cash out refinance... if you plan on carrying the  debt for awahile  ( >  5 yrs)  .....consider the  lower rate. higher fee options ....if you plan to payoff the loan in the  short term- consider using the  highest rate with lowest  fee options  available 

@Faiz Kanash- if you have been  doing  what you do  for  2 yrs + and  your  report the income on your tax returns ...there is a chance you might be able to get a fha or conv loan.....FHA is only for  primary residence ....You can  always  consider DSCR loans for  rental purchases

Because he needs $45,000 to live on he invest remaining (approximately after tax) $15,000 for 26 yrs netting him about $900,000.

FWIW I've got 2 propane 40 gal units that are over 20 yrs old, BUT I drain & backflush, remove and check anode annually.

Depending on how quickly you want to get ahead and build a nest egg (and how much pain your willing to tolerate) you could also put another trailer home on that land and start renting that out as well - you could do that for 5 yrs while you make your plan for if you want to build a manufactured home there. 

* Is it better to fix problems that are essential/determine habitability and hold/wait to sell the property when the market is most favorable to sellers to sellorTo cut the losses, get out while you can, bc it is not financially wise to spend months/yrs of your time and hard-earned $ if you end up turning around and selling it right after the repairs are made.

EVERYTHING is currently Overpriced, and you WILL lose 20-50% Equity over the next 5 yrs.