This will cover just about any problem that would not otherwise be covered by insurance. 

If there is a leak in the toilet that was let go for a long time, there can be a lot of damage, like rotten wood, cracked tile, need to replace a floor and floor covering, mold amelioration etc. 

You will most likely not be able to cover the cost of mobile home depreciation + lot rent + repairs with that $700 a month income. 

If it’s hugely expensive, you’re covered.

And  there are other factors at play... like taxes, comfort with leverage, your 'lifestyle', along with a substantial number of other variables inherent in investing that impact our decisions.... all topics covered on countless other threads in BP Nation. 

You’ll cover $20, and you’ll bill her $40.

@Joel Owens covered most of the costs however we can move any structure it just  comes down to any additional costs that would be needed to Ben stabilized. 

At my primary residence my home owners is $1100/year and that covers a much, much higher home value.

I also add a PS for pain and suffering, but some have a higher b.s. threshold than I do.

If you want an FHA or conventional owner-occupier loan, you'll need more than $10k to cover the minimal 3.5-5% deposit for your next $350k primary.While in theory, 2x Equity Lines Of Credit could be approved, remember that Lenders only give out a percentage of the homes' values, so, you may not have $74k of borrowable equity!