I haven't done this as this is going to be my very first property, please feel free to ask any questions:Potential Rental Income: $1000/- month (Right now through housing, but rent is due for increase)Taxes: $2600/-Utilities Water/Sewer: $800/- (Rest of the utilities are paid by tenant)Purchase Price: $124,900/-

In Missouri, they sell tax lien certificates.

In Missouri, they sell tax lien certificates. 

We say we'll go 85% on that product, but honestly, it's hard to find a property that is that heavily leveraged where the rent equals or exceeds the mortgage principal, interest, taxes, insurance and HOA fees.

if your buddy has a lease that runs through July 2025 and has been paying rent on time with no lease violations, the landlord generally cannot just terminate the lease early without cause.

I understand that with SFRs, my rent, maintenance, and taxes will be more but that is all factored in.My reservations with the SFRs are rising insurance and property taxes.

Your profit on deal #1 is $25k so you would pay taxes on that.

With the CAP rate method are you saying I COULD expect to pay $484,200 for the MHP?

If I use my IRA then I face having to pay the taxes. 

Projected CF after the first year is $650 after PITI, Vacay, Repair, capex, Etc.Purchased under market rent as tenants were paying $880 m/o.