Use about 7.00% - 7.50% of the Purchase price should give you a good "Ball Park" figure for your "money out of pocket" on an FHA Transaction. 

Hi All,99% of the discussion I read about MHPs is around buying mismanaged parks and forcing appreciation. 

@Michael Gabin Hi Michael,It sounds like you are getting ready to jump and that you have already done a good deal of legwork - people have already identified the key categories: Single Family Homes, Multi-Familys 1-4 for residential investments and 5+ for commercial, Retail property and commercial properties - and then there are the specialist areas like Hotels and Mobile Home Parks etc.Some general guidelines are:Decide on your ultimate income requirement per month or per year - tax benefits and appreciation are often factored into these calculations but if you want somewhere to start that would be a good place.Once you've done that you can then start to work on the cash-flow per unit - a good rule of thumb is $200-$400+ for a SFR and $100-200+ for a unit in a multi-family ( that's Cash flow after expenses)If you plan to diversify within your Real Estate portfolio then you would be looking at a mixture of those cash-flows to make your required incomeThat leads you to think about how you would like to manage the properties - do you want to engage management or manage yourself - this is another piece of the puzzle to decide so you can get startedOnce you've got a clearer idea of the overall shape then you would decide about the best way to organise the investments in terms of capital outlay...Basically you would either;Pay cash outright - NOT a great plan financially probably don't need to go into that!

And a Food Truck Park with bar and stage, servicing 13 individual vendors.

Looking to purchase a condo in oak park or chicago area to live in for year or 2, then rent out, has anyone had success in these areas with this strategy ?

After doing this for a while and creating a routine you should have a pretty solid idea of what you want your adult life to look like then start looking for jobs that will start you down that path.If that path requires school then great do that, but don't assume that you're going to just going to be able to do this without schooling because you can't just walk into a laboratory and call yourself a chemist.

My brother and I will be gifted 50% (25/25) of an RV park.

If it's already climate controlled space, building out the units isn't that difficult, provided you have loading docs, and appropriate parking and access.

@Jason Marcordes I am looking for single family and multi family (2-4 flats) properties focusing on areas around Rush Hospital and University of Chicago (Hyde Park/Jackson Park), 5-10 mile radius of each area.

You can lease them but all you can really do is use them for parking as long as you mow it and keep it up.