State income taxes - IntuitAnother factor to consider when choosing a city is rent restrictions.

But I doubt it will be the deciding factor.

reaction.A $500K building should be bringing in $5k/mo. (1 percent rule)If is bringing in $3700/mo total then it is either under rented and the rents need to come up, the building is over priced, or it is simply a bad deal. 

I don't post here often, but I do like what Henry Clark had to say earlier about choosing properties that have been on the market for a LONG time.I used that strategy for a 1031 exchange from a small condo to a 6ish thousand square foot commercial office building (no experience).

With the current interest rates, it is a lot less work than a rental and she'd probably make about the same (if not more factoring in property taxes, insurance and repairs). 

I'm a cash investor with a few million that I'm looking to build a portfolio with.

Another factor is appreciation.

Investors should NOT be using a 5% Vacancy Factor on anything but Class A properties!

It's the land/location increasing in value - not the home itself, in my personal experience and opinion I think location is the biggest factor in mobile home and manufactured home pricing.

Sharing the concern about freezing it is fine; its all about building a relationship, getting buy in vs. rules.