What states are good that are not super expensive were the property will appreciate but will also be able to bring in a monthly income?

Another idea besides DSCR which is the obvious best overview option for you ( though will be more expensive then traditional financing ) is partnering up with someone with a solid W2 job who can get financing. 

The owner/seller can, however, control his property’s NOI (i.e. by controlling any component of NOI such as revenues, operating expenses, etc.).

Same costs, land probably would be a little more expensive. 

This is what I suggest for the average person with a full time job and limited time.Of course you have to do all of the other personal finance stuff too like living below your means, reducing your means/expenses, and increasing your income with a HIS (high income skill).If you are going to flip just make sure you have 6-12 months reserves to live on and to carry the monthly private or hard money payment while you're in the midst of your project so you're not left out high and dry.Best,@Matthew Kwan@Carlos Valencia

It is a 3/2 manufactured home with ~1000sqft, and a 6600 sqft lot with a waterfront view in a very expensive neighborhood.

PPC is getting quite competitive and expensive so I don't know how long it will last. 

Unless we note otherwise in the listing information or disclosures, we fix everything that is broken or not functioning properly, but we have had several recent requests that are expensive and I'm interested in your experience in handling things like:- this roof is old and we're worried that we may have to replace it (was inspected by roofer and determined to be functioning properly)- there are screens missing from some of the windows and we would like you to add them- we're concerned about the drainage and would like you to add gutters- the AC unit is old (age disclosed in disclosure docs, was tested by HVAC guy and running fine) So do you budget for this type of concession, do you "meet in the middle" or do something else?  

If you have equity in the property you need to deduct a 10% return off the top of the rent as a additional expense otherwise the equity is being wasted.

My understanding of a self-directed retirement account, though, will make it so that the income from the rental will have to go back into the account and we cannot use it as passive income for our normal personal expenses.