I own a small lot in Sutherlin (between Danville and South Boston) with a mobile home on it, I would like to rent this place out if I can. 

In your personal strategy are you still renting out the main floor rooms in a house hacking strategy?

DSCR for example has less requirements like (No income, No taxes) it uses rents to qualify.

My idea is to convert our attic into a studio as well, and then rent it out.

The mayor challenge here is to accurately know and predict how much and the time it would take to renovate the units that are not rent-ready to bring occupancy to 95%.

The state is very landlord friendly and its business-friendly practices have led to job, population, and rent growth in Indianapolis. 

A house hack (purchase and live in 1 unit of a multifamily while renting the other unit[s] to cover the mortgage) is the easiest way to get started as you'll get used to the process and can use an FHA loan to have a minimal downpayment.

Just have 1 unit /condo in chicago loop, that is now available for renting.

Build to rent? 

Time to raise rents.