I've been in manufactured housing for near 30 years now. 

To give some background, I am a 21-year-old engineering graduate and just started my first salary job ($80,000+), living in Salt Lake City, UT. 

I want $140k cash flow a year!

I’ve been in the financial planning industry for nearly 13 years, hold a Master’s in Advanced Financial Life Planning, I’m a CERTIFIED FINANCIAL PLANNER™, and I also teach these concepts to aspiring CFPs and graduate students at Golden Gate University.

That is illegal unless you have specific licenses. 

I’d even consider finishing the basement, just well enough for me to live down there, so I could rent out ALL the units.I’d save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary.

I added 2 section 8 units to my rental mix over the past 2 years and in general, no issues. 

It'd take ~16 years to get the same cash out from the first scenario as the second (~10k).

Quote from @Roger D Jones: Years ago I would purchase lots and place new mobile homes on them then sell outright. 

I have my current mortgage as a 25 year (5 year ARM) at 7.5%.