This will allow me to know if there is any fraudulent activity.I require renters to send me a copy of their drivers license and they pay a $300 security deposit.I still mow the grass myself even though house is an hour away because I like to check on things but I could easily outsource this and rarely have to visit property.Homeaway takes the payments, maintains a calendar and website with pictures and details of the property.I wanted to offset the ownership of a lake house, then very quickly it started paying for itself.

Purchase data:Asking price: $85,000My offer price: $73,500ARV: (per Redfin sold data) ±$110,000 Rehab: guessing around $10,000Closing/inspection, etc: $650 (i have no clue on this number)Holding Costs: $1,147 assuming about 2 months for rehabCash Purchase - all in for $85,297Income data:Rent: $1,050 per month (from zillow area rent data)Expenses (monthly):HOA: $17Insurance: $60Taxes: $166.67Vacancy: $52.50Repairs/maint: $52.50CapEx: $105.00Property Management: $105.00Total: $558.67NOI: $491.33 ($5,896 annual)Refinance:LTV: 75% of ARVLoan amount: $82,500 @3.75% for 30 years (estimated)Payment: $382.07Refi fees: $2,500 (assumed)Total cash invested post refi: $5,297.33  ( I'm not sure if i calculated this number correctly, any input would help me greatly!!)

Students are willing to pay a premium for the easy of a single payment.

We are thinking that if the monthly payments are around $700-$800 then the mobile home will be the cash flow until we decide to maybe do something else with it like build a duplex or something or sell if we can divide the properties at some point.

@Arden Gist Yes, it would be more feasible for me to pay off a single family rental and then use it as collateral for a small commercial property than having to come up with large amount of cash for down payment if I wanted to go at it alone without taking on partners.

Will I need enough cash for the down payment and for repairs? 

Also, when I was making offers, it was just over a week before the government changed their lending rules so I either had to purchase a place or wait and save up even more of a down payment otherwise I would have been priced out of the market.  

But keep in mind, banks typically work with you if you come into hard times and miss a payment. 

How do I find a list of those homeowners who have been delinquent on mortgage payments.

It makes it a lot easier to split 50/50 on things like expenses, but still halves our individual requirement for a down payment which means I can get into the market in half the time.I am eager, of course.. but that doesn't mean I am eager to just buy any old property and expect a return.