It's foolish not to take into account all aspects of the investment.Too many people say you can't count on appreciation.

Even though I've been involved in some aspect of rehabbing and construction for almost 20 yrs, I still like to see what other people are doing to utilize space and improve floor plans.

Its actually more of a manufactured housing development play than a conventional mobile home park model – with the exception of the cash flow aspect as it’s developed out.

Insurance -- landlord fire/liability policy @ replacement value (minus land value) is correct, as @Morgan Klein mentioned.Umbrella policies absolutely do have value; however to me 2 other aspects are equally important.1. 

I think this is an important aspect of a flip... get together, spend a few bucks on a cohesive idea and look for the house. 

What is the legal aspect of it?

You will need someone to be able to check to see if units are cleaned out after vacating, overlock/unlock delinquent units (assuming you don’t have more advanced door technology), and to deal with units that need to be auctioned.

We are moving as far as we can but with two full-time jobs and kids, by the time we get in touch with the agent, she sets up visit, go see and figure out rents in the area to ensure numbers add up...someone snatches it.I read some investors make offers site unseen - and then inspect the property and back out during the due diligence period if we see problems on inspection.We haven;t done this and as beginners, feel rather uncomfortable with this "shoot first, ask questions later" strategy; but if this is what it takes to prevent yet another good opportunity from slipping thrugh our hands then I guess that's what we'll have to do.Regarding the "Fair Housing" aspect, we don't intent so state anything or discriminate against anybody.

Your boss is reporting your income incorrectly and this will have bad affects on your ability to get a mortgage but also other aspects as well.... 

I like index funds Vanguard best way to play the market super cheap index beats all managed funds over a decade .So there are national aspects to the housing and locale ones too.The madness of loaning money to any beating heart is not there this time.I see the rest of the western world has negative rates ,with Japan .All my rents are up sharply here doing very well wish I had more!