Economic aspects are scarcity, modification or improvements, permanence of investment or fixity and area preference or "situs" which may include intrinsic values or satisfies other needs.Real estate is unique, drop back to your Economics 101 class, "factors of production" in economics are land, labor, capital and entrepreneurship. land is the only factor that can not be replaced as a factor or requirement to produce goods or services, all other factors may be substituted, if you have less capital, more labor may be used to obtain the desired outcome. 

I did provide above an entire Legal book reference of law you can purchase to get and read with lots of law and cases and situs etc but I guEss that proclamations.

But if and when you go to sell it and the buyer wants an FHA loan that's where you'll run into a stumbling block.Also if the home has been moved from its original situs and relocated to a private lot/parcel you will not be able to obtain an FHA guaranteed loan.