I'm originally from Florida and moved to Columbus for the real estate.

What are the pros & cons of each, as well as the differences in the development process?

This assumes the market rent for the unit I will be moving into.My goals from entering real estate are 1. add diversification in my investments (right now heavily invested in stocks) and 2. house hack, so that tenants pay part of the mortgageIn my current market, I have two options: a. buy older houses, renovate, bring the rent to market --> this will cashflow, but needs a lot of time investment which I don't haveb. buy turnkey properties: --> renovated and already occupied by tenants but may not be cash flow positive.I found a property that's type B.

I live in miami florida now and I moved for larger scale developments here because of the net migration but columbus ohio the economics allow for that. existing inventory has been tougher and at the pricing inc columbus you may as well build new because you can build new less than replacement costs in a lot of the markets downtown. it's about being in adjacent downtown neighborhoods where property values and rents are higher. land values are the biggest driver of how well you can buy land to develop followed by permitted uses or rezoning applications. 

My parents are putting me in charge of the entire investing process because they're too far retired to want to deal with it, so naturally I want to make sure I'm making the best decision for all of us. 

Then you could finish the foreclosure and many times the lender gets the property back because they are willing to bid the most or at least bluff that they are and scare off other bidders depending on how the process works where you are.

But like Patrick points out, each city has their own processes and some have point of sale violations, and Cleveland is supposed to start doing this in the fall, so the best thing you can do is to find an experienced agent / broker who can help navigate these issues with precision and ease!

If so, does it also tie up the tenant's ability to obtain a moving permit?

I'm assuming they had to get some kind of permit to move the mobile home and connect utilities.

I think it is ridiculous that they would try these harsh moves on people who are obviously coming to them because we are in need of help.