I don't think tenants would abscond with their mobile homes under the cover of darkness without paying. 

I think unless you have a capital stack with 7 or 8 figures, you should focus on the area you live. 

I don't think it's necessarily a bad investment even if your costs exceed your income in the year you're starting out.

Probably a key thing to think about is, How long are you planning to live on it? 

Looking at your experience, I was curious: do you think flipping is a good option for Bay Area investors?

Due to horrible, and I mean horrible property managers in the area (the one known as being the best admitted to me she recently had an employee steal over a million from landlords and she didn't think it was her fault), I decided to hire a family member full time to start managing properties for me. 

@Robert ThompsonI don't think property value are 'low' right now, but lots of us are still buying.In order of easy to hard you can: look on the MLS; connect with wholesalers and others who source off market deals; and reach out to sellers / market yourself.If you can though, start with a house hack or live in flip instead. 

Most professionals will recommend a separate LLC for every $1 million in assets but I don't think that's necessary.

@Arron Paulino I don’t think there’s anything close to being a “typical” cost for a renovation.

There are many strategies to investing in real estate, and I won't say any one is better than another, but I think you get what you pay for and no one wakes up in the morning wanting to be a slumlord.