This is why it is critical to pick a high-income generating field OR follow your passion but not get into student debt (can't have it both ways). 

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I did incorporate the water and electricity (the seller mentioned that the renters paid for their own), with the PITI eating up that much of the income (as you'd mentioned), the utilities would just push the whole thing over the edge.Thanks again for the quick reply and the second set of eyes.

Follow up the verbals with written as necessary.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

if you follow the Frank and Dave method of POH valuation, they will recommend that you put very little valuation on the POH at all, because as you know the MHs don't really retain value and for every dollar in lot rent collected your likely to put most of that back into the home that you own to a tenant that is more than likely wont take care of the property.

Basically I took over mid month and collected rents the following month...

Any follow ups?

When the property is completely rented out the numbers should be as followed : Rental income: $3150Property Management: $150 - Low, I know. 

That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alertsLooks like you've already made some connections with other BP members in your area...You can also search for other investors or brokers in your market and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersBest of luck to you and look forward to following your success on BP!