I personally run a property management business with a small portfolio of properties consisting of my own and a few other investors' single family homes. 

If you owe $160,000 or more on such a home, even though you have $40,000 in equity you cannot obtain a home equity loan.Limits on the Number of Loans:Only one equity loan may be issued against a homestead at a time.

I started vacation renting my home in 2010 back when no one knew what VRBO was or vacation rentals and it has been the best decision for me on so many levels. 

This is believed to help put liquidity into the home buying process by taking these loans off the books of banks and mtg companies.Now Freddie has started to purchase 2nd mortgages.

Should I just focus on single family homes initially?

I have a Vacant Lot zoned Mixed Use in the Cape that I don't know who will buy it, we've only worked with single residential home builders until now.

It's an older home, and it's currently set up as a rental, which I think is part of the reason it's not selling.

Then 85254, which is further north and close to the TPC Scottsdale (home of the Phoenix Open) and shopping like Kierland Commons and Scottsdale Quarter.There is also a Facebook group for Scottsdale STR operators, which a few of my clients find helpful.Let me know if I can answer any questions for you.Melanie

Are you investing in mobile homes, commercial triple net, or multi family?

With an inspection, if it was something that was known to the seller, they may have priced the home accordingly (eg older roof, price lowered to cover cost of new roof).