@Greg RutkowskiYou (and everyone) got some bad advice in Charity's  post, if she is doing things as she has over the past 17 years, she's behind on current legal matters with lease-purchases to tenant-buyers!

Once this outstanding receivable goes beyond a certain point in time (days overdue) it is moved into "bad debts" and eventually, if it remains uncollected, will be written off.This is how we handle delinquencies. 

A good power wash and coat of paint on the outside goes a long way too.You can get estimates from many mobile home-specific contractors that understand these needs if you are not going to do it yourself.Basic repairs on a decent old home can run between $2,500 to $15,000 depending on how bad of shape it's in.

You could buy a home in a bad part of Cleveland for example for a few thousand but the same home might cost 200k to build.  

I really enjoy Michael Penrod's meetup Fix & Flip Networking: https://www.meetup.com/Flipping-Houses-in-Arizona/...He facilitates it once a month and you can connect with some quality serious investors of all exit strategies.Maybe I'll see you there sometime!

Quality work, reasonable prices.

Yours may be lower.)If you know your area and you're experienced with Seciton 8, you may know firsthand that the numbers aren't as bad as I make them out to be.

I would say it sounds like a bad idea, but I'll qualify that. 

You can get a good quality neighborhood and still beat the 1% rule.  

Plus side is you don't have to deal with exteriors so it might not be a bad plan.