(though it will surely change overtime)  Once you have done that, I would suggest that you geek-out on learning your market.Although history shows that RE will appreciate over time, speculating and counting on appreciation can be a dangerous strategy.

I don't think it would be dangerous but not sure if it would be smart for a rental.

So they are in danger of losing the property because they are getting the rent to make the mortgage?

Then, factor in your knowledge of probate law and process in your state and you gave a distinct advantage of how to be helpful to the prospective admin or other PR as seller. 

I've heard many warnings about dangers of partnering with friends so we're both just tentatively "sharing ideas" before putting pen to paper. 

So now you don't have to worry about taking money from your paycheck to pay the bills, as that can be dangerous and get you into trouble.  

The reason why I ask is with the current low interests you can find  10% cash on cash returns, but the purchase prices on the investment are at or approaching the previous bubble peak price. ( 2005-2008) Is this dangerous? 

That's a dangerous place to be with family. 

You are never too old to get involved in real estate, and being young will give you a distinct advantage for the long run.If you have only read Robert Kiyosaki's initial book, I recommend you look at the rest of his books and books by other authors in the Rich Dad series of books.

Do you make a distinction between mobile and manufactured, or are they more or less governed by the same principles?