Your entry price would need to be in the mid to high $400's to generate a feasible profit depending on the resale value range.Look around Santa Ana, East LA, or Long Beach.

Maybe look at FHA 203k...google it..At the end of the day if the numbers make sense in your area then it's pretty cut and dry...Also if your circumstances allow you may want to actually reside in the in-law and rent out the rooms individually in the house which will almost certainly generate more revenue. 

Your generational wealth is built over the long term holdings of your assets and building upon that... 

What if the “flips” start generating more income than our work as Realtors, even though the time spent is considerably less? 

We'll see if that generates a little more response. 

Then you also have to do other forms of PCADs and can definitely achieve compliance, there's just a few more hoops to jump through and paperwork to generate.  

Secondly, congrats on being debt free, that is a huge accomplishment especially for people of this generation!  

I'd still take more than 100% financing if the asset can generate a DSCR of 125% or better. 

But,If it’s the mobile home only perhaps you could view it as more of a cash generator that would not require you to move into it.

If you can keep house hacking in some form or fashion that would be an amazing wealth generator!