With a HELOC you will be paying interest on it so make sure you are factoring that into your numbers when looking at your next property.  

On the other hand, the economic factors like interest rates, affordability, and supply could make the sf home only increase in value in the short term. 

I was first looking into buying and selling manufactured homes because it seemed like it had a smaller risk factor compared to buying other types of rental properties.

But ya what Rick said, look into zoning, look into utility hook up, factor in the fact that 2x4s are worth more than gold right now and you'll be on your way!

A couple questions and thoughts that have came across my mind are below.Contributing factors: (My goal as most newer investors is to reach financial freedom)-Area: Western Suburbs of Chicago.  

Of course, there can be other factors. e.g. 

I've worked for local lenders and big lenders and a lot of it comes down to a convenience factor- if you work with a lender that is licensed in multiple states you save yourself the headache of sending your tax returns and re-explaining your business goals and plans a hundred times over.

If you factor in improvements that mitigate the downsides of a property near highways and freeways into your rehab equation there could be a win.

Factoring in SID/LID, hoa, property manager fee, and I'm assuming other expenses.I just found some rental return calculators online, but I wanted to ask those that are more experienced for their feedback, thanks! 

@Maria Taylor It depends on a lot of factors, but it may be an issue of targeting. $20 is not much but it should be enough if your targeting is precise enough.