All in all, I suspect if you own the underlying land, have several mobiles in a compact area, and have expertise in the area (repair, the tenant demographic, etc), then it could work well.

Such as law that protects other tenants being effected by 2nd hand smoke?

Also, how would you craft the agreement so that you are protected but it is a win-win for everyone involved.I recently listened to one of the older podcasts, where the subject to is crafted in a way that gives the initial buyer a 60 day option to find a buyer wanting to do a lease purchase.My good friend owns a nice 2004 3/2 down the road from me and she is recently divorced but is stationed in CA in the Air Force and can't afford the maintenance on it...she has rented it the last year but couldnt get the rents because of some of the deferred maintenance issues so she can't even cover her mortgage now.  

Using an LLC to protect assets doesn't make sense when you don't have a lot of assets.

I am a realtor in Texas and want to expand my expertise into real estate investing.

I would strongly suggest you have someone with some actual expertise look at the conditions in person -- could be a knowledgable GC, an architect, etc.    

The protection is worth it to me.

So all foreclosure fees, attorney's fees, lender advances to protect the collateral, etc.

@Patrick Desjardins, if notes with a borrower that does not match the current property owner or a second on a property $200k under water, the first lien holder has started foreclosure, and the borrower has filed for bankruptcy protection is the perfect note then you are right I am not going to pull the trigger and note investing is obviously not for me.Send me the information associated with one of your notes so we can see if I am one of the investors that has infuriated you lately. 

If youre planning on protecting yourself get a bullet proof vest and then a gun, with a vest you don't have to worry about a bullet going through your chest or getting stabbed with a dull knife, it will give you the extra 2 seconds that will allow you to pull out your gun and save your life.