The turn over vacancy time is longer compare to Class A/B area, because I can find average of only one good tenant out of 30 applicants, the other 29 applicants do not meet our strict rental requirements.  

Be really strict.

FHA appraisal is strict?

There are a TON of very strict requirements you have to follow.

This can limit your ability to use an FHA loan as the requirements for this program are fairly strict.  

Texas has some pretty strict requirements on HELOC's that might restrict your future options so you may want to investigate cash out refis instead but you should talk with your mortgage broker about the pros and cons.

Even if it doesn't seem like the ideal rental scenario from a strict number's perspective, you are paying rent either way.

I understand the ARV - 70% which is 63000 but when I minus the repairs am I taking off for the removal of the burnt mobile home plus the cost of a new mobile home or do I just make this a strictly land play?

It also lists all our properties for us on Zillow, apartments.com, realtor.com etc I am very strict with the application process and do not even arrange to show them the property unless they qualify, and in fact we have 2 tenants at other properties at Cottages on the Greene in 2 year leases.

Timber law & theft are very strict in certain areas of the country.