With the markets improving (slow but steady in my area), there are fewer and fewer bargains to be had by the local investor community.

In many parts of the country, anything with fewer than 2 baths doesn't sell.

Must you protect yourself from dangerous criminals, protect your property from damage, protect yourself from "professional tenants", protect your community from drug dealers and meth labs, protect your hard earned cash, protect yourself from liability suits, protect your family?

There are fewer people reaching into your pocket.I'll suggest what I've said to another ambitious first time investor out here in LA, do a small deal or two (say a duplex or 6 unit apartment).

I think Fort Hood is supposed to lose a total of fewer than 4000 Soldiers from a local population of approximately 200,000. 

There a few pros and cons that you'll want to keep in mind:You will have a larger tenant pool which means fewer vacancies.

Lower tenant turnoverLower capital costsLower operating expense loads relative to other RE asset classesAccelerated DepreciationStrong demand via continue economic pressure on the middle / lower class + boomer retirement with insufficient savings Higher cap rates relative to multifamily assets of comparable qualityA few differences of 55+ vs family parks:Smaller customer base (perhaps not true in Florida)Higher operating costs due to increased amenities (clubhouse, pool, shuffleboard, gym, RV Storage, etc.).More organized tenant base with more time - might push for rent control Far fewer bad tenant problems - likely fewer collection / eviction issues Likely easier to finance as there are typically fewer park owned homes and the communities are more visually appealingLower going cap rates so one could argue higher risk, but lower exit cap rates so if you can dramtically improve the parks operations, you'll make a higher multiple for every marginal dollar of improved NOI. 

That's where the danger is of practicing real estate activity that would fall in the realm of having to be licensed.

Get them out quick, Pit Bulls are on the dangerous breeds list for insurance and you won't find anyone willing to insure one in a rental property.  

My point in this thread is that in the long run if one can find a TRUE EQUITY partner on the ground in the MARKET you want to invest in that you WILL make more money in the long run and have much fewer sleepless nights with a partner than you will buying from companies that are making a profit selling it to you ( not off of MLS) and managers that are in the business to MAKE money and they make it off of your cash flow and repairs)AS I stated..