You can make a mobile home into real estate property through affixing it to a permanent foundation, check your state and local laws on how to do this. 

The appraiser visited earlier in the week and found water in the basement and cracks in the cement block wall foundation.

Also, if you are confident in your numbers of being all in at $40k, renting for $700+, you should be in good shape as long as taxes and insurance aren't too high and there's no other immediate big ticket items in need of repair such as the foundation or basement waterproofing.

Next lender: Terms7% at closing2.25 points12 month loan Fund upon foundation completion Minimum 6 jobs completed Ok not too bad if you ask me.

Hallway was sloped 2" from side to side so there was definitely structure or foundation issues, all the tenants smoked so saying there was a lingering smell of smoke is beyond an understatement, walls were literally orange and caked with cigarette smoke as was the soffit outside two windows, multiple broken windows, peeling paint, doors stuck shut from wear and tear, broken front doors, and the worst part was every tenant knew his name and addressed him as if they were old pals (big problem).

Have them look at everything, especially the major cost items like the foundation, structural integrity, the plumbing, the roof, and the windows. 

But I’m conflicted on where to start in terms of building a strong foundation in my portfolio while still having enough velocity behind my money to grow.Should I start with a SF rental and hold for the 1031 deferred (4 greens and a red type strategy) or go after Tax / lien sales to flip/sell in the short term until I can afford a multi family property.

As long it doesn't have foundation issues and I can pick it up for a decent price I can add value to get it up to that 110-125 per sq ft price range...automatic equity. 

Purchase price: $55,000 Cash invested: $10,000 Completely updated from the foundation to the roof!

The foundation below the piers is concrete.