ideally the contractor's expertise is doing contractor items including rehabs. 

I deal in the home building processes with my current full time career, and would love to get my first deal on the move.

You can also contact local wholesalers and join their buyer's list for off market properties that would be ideal for a buy and hold investor like yourself.

If your deal needs rehab work and the value will be increased substantially then a short term loan would be ideal. 

Looking at this as a MHP:Hard to see such high lot rent in a place "far out", but let's play with that and some other assumptions:12% Cap, 9 Lots at $350/mth, 50% expense ratio (park provides water & small number of homes),  = $158K. 

The lot would be ideal for a modest 1,500 sqft, 3-4 bed/2 bath home.

I watched this all play out after the Oakland Hills fire that destroyed 3500 homes.

So here we missed one payment in this example, but our credit report actually shows 3x30 day lates.Like @Harjeet Bhatti said, you're probably cut off from the gov't subsidized Fannie/Freddie stuff for an investment property for a year or so.However if you come across something, and it's such a screaming deal at that price that it still makes sense even with non-ideal financing (remember that if you have to choose between the two, killer price is better than killer rate -- as any successful flipper will attest to), there's a lot of "Alt-A" (once upon a time called "sub prime") that's come out just in the last year that's better than HML.

This plays a big part in determining the value of the land for development purposes. 

I played around with the numbers many times but just couldnt make it work and decided to pass on it.