This is an important decision- I have a few PMs I can refer you to over here.- Depending on your budget, do you want a small condo or larger residence?  

Several options you can explore to get the down payment capital: Solo401k; HELOC on personal residence or from equity of the SFR; Cash Value Life Insurance Policy; Business Credit; Private Lenders, to name a few.

As home prices in NJ are very high, it makes the decision to go FHA VS live-in Conventional hard for me.

However, a different niche such as insurance placements, might very well be in the 70%~ occupancy level but the rents are going to be so much higher that the occupancy rate (comparatively speaking) is irrelevant.

This is not yoursituation, but just to walk through the different thought processesin Holding/Selling that a friend of mine is going through.Helped my friend getinto the Self Storage business and walked him through the wholeprocess from evaluating the market, selecting a site, developing thesite, systems, financing, insurance, etc.

@tom shallcross summarized this well in another post and just inflate your numbers up for a $665k purchase price and $2300/mo per unit for rent.Borrow 80% which is like $3700/mo for Principal, Interest, Taxes, and Insurance.

Florida is a unique state for MHP law and the insurance has gotten very expensive there too.I recommend checking out @Frank Rolfe's mobile home university content if you haven't already.

Quote from @Robin Cloud: It's hard to make a decision based on this.

This is a conventional loan where they also cover your PMI (private mortgage insurance).

And given #3 above, it leaves about 20% of rent for all other expenses like property tax, insurance and other PM expenses like leasing fee, eviction fee and other minor expenses like for e.g landscaping, pest control etc.