I'll have some capital after hopefully purchasing this property, but most importantly, I've got T-I-M-E.

I don't have a lot of capital and thus have yet to find a deal that I'm really comfortable with yet. 

I've only begun within the last 5 years, and capital is limited. 

But anything under 2 years you run into tax issues with capital gains so you need to look out for that.Now I am slightly confused by what you mean by 'claim it as a rental property'.

$250 Million Apartment, Office Project In The PipelineAUSTIN (Austin American-Statesman) – Capella Capital Partners is developing North Gateway Plaza, a $250 million multi-building project at 10615 Burnet Rd.

Getting into the Austin market requires a lot of capital and if you're looking for cash flow, you're going to be hard pressed to find it there.

Thank you for taking the time to either reply or read this.God Bless Investing requires either Credit, Capital or Knowledge.

The main hang ups are: I don’t have a lot of capital to spend on legal fees before I do 1 deal, BUT, I don’t want to run into serious problems on my first deal just because I didn’t know about a legal problem.Also, do I need insurance during the process of buying, rehabbing, or selling a mobile home, and if so, what kind(s)?

You will want to talk to a CPA though about what exactly that would mean for you, and how to structure everything (capital contributions, loans, etc.) to achieve the results you are looking for.The attorney is probably even more important to talk to in this situation. 

Maybe house hack if you not and save a bit of capital.