@Anthony WalkerIf you can afford it, let a property management (PM) do it for you.

I can certainly spend a lot of time researching and DIY, or use an affordable online service, or I can sign up with knowledgeable advisors that cost thousands.My question is how much net worth do you think one should have to justify getting the pricey advisor's service? 

They will be able to advise on the plan requirements, potentially giving you something off the shelf from a previous project or referring you to an affordable draftsman.

@An Duong it's really up to you whether it's a good enough deal for you to agree to that.I will say, besides the two years of below-market rent, you should also factor the cost of an eviction into your thinking.It may not end with an eviction, and if it doesn't then you'll have saved some money, but I would go into it with the assumption you'll have to do one since I think there's a non-negligible chance of that.In a negotiation, sometimes it can be helpful to try to figure out the other person's motivations and find other ways to meet it.For example, if he's worried about being able to afford market rent, then if it's $200 below market a month, and you don't want to tie the unit up for a second year, maybe you offer to pay $2400 more at closing and only have him there for one year.If he really likes the area, maybe you find him an apartment in the area and offer to pay his security deposit, a moving company, and X months of rent to get him started.

I am very curious about how a FHA loan works because we could not afford a large downpayment if anyone has more details on that, that would be awesome!

If you're looking to buy, Lansing is more affordable than E.

Make sure the park is OK with what you want to do, how you want to improve the property, plans, and value.Be cautious not to over-improve as much of that crowd is looking for affordability, yes they want clean and sharp but aren't always focused on the latest cabinets, finishes or look.

I have the funds to pay for it, but know there are programs out there to help affordable housing, lower income tenants, etc.

Biggest question I'd ask is whether or not I could afford the additional payment without relying on income from the investment property.When looking at a potential investment property, look at best case, most likely, and worst case scenarios and decide what the probability of loss is. 

If the mobile home has a propane tank or oil tank for heating, it can be problematic because tenants may not be able to afford to fill up and use other types of heat sources.