Assessment of where you're buying and its 'frothiness factor'2 - Your need for cash flow vs longer term appreciation/equity building, mainly will depend on your time horizon with owning the asset3 - Your skills/ capabilities - some people are more naturally geared towards handling lower class areas, tenants, and usually the items that come up maintenance wise with this.The advice I usually give to 'youngins' (I'm 36 by the way) is to take the long view - which means the equity building, and your TIME to continue focusing on your career, building skills, etc - would lead me to be biased towards the property that you felt would hold / appreciate in value more over time.....

You need to talk to some mobile home movers and contractors in the area to assess the condition of the existing units and the costs to repair.

For the home value, does one use the tax assessment home value or a recent bank appraisal?

Also how do contact the IRS ahead of time to assess whether there is a lein on record?

Particularly in the form of your monthly HOA dues and the HOA's ability to impose an assessment.

@Vince Scolari seen this a bunch in Columbus to avoid the aggressive attorneys they have pursuing property owners for re-assessment.  

I think Internal Rate of Return (IRR) is a better metric to consider when assessing total returns over time.I am not a proponent of "holding just barely enough equity."

Any fee beyond that (move-in fees, pet fees or deposit -a pet deposit can be assessed, but only if the sum of it and the security deposit do not exceed one month's rent- amenity fees, application fees) are barred, even if a tenant agrees to pay, is actionable.

Specifically, does refinancing after a cash sale involve a lender assessing my personal debt to income ratio for approval?

This could fetch $700-$900/month as well based on preliminary assessments.