Secondly, I'd chat with a realtor and get some recs on lenders to truly see what you're working with in terms of buying power.

Convert the property you are living in now to your second rental, and buy a new home for yourself. 

Future land appreciation in this area might outweigh any tax benefits from buying in other areas, with a better (tax-wise) ratio.Before pursuing your plan, talk to a real estate accountant to figure out if you can, in fact, benefit from cost segregation.

What type of properties are you looking to buy?

Personally when buying rentals I tend to buy in neighborhoods that I feel like I wouldn't personally mind living in and when I look for tenants I try to look for people that not only pass my screening but also I personally don't dislike.  

They will see a large pipeline of local deals, and they will buy some as rentals, flip others, and flip the contract (wholesale) a handful where it makes sense.

I wouldn't have any interest in buying something like this to hold since it would be so far negative cash flow wise on a monthly basis.

Why not just buy your own mobile home park and let everyone live for free? 

While I am normally in the do-not-sell camp, in this case it might just sell and buy at the new location.

So if 3 siblings all buy a house together and all live in it when they sell up to $750k can be excluded.If married only one person needs to meet the ownership requirement-but both must meet the use requirement.