Assuming I do my job to make sure everything would cash flow, and finding a good property manager for when I pick up and move across the country, am I missing any major pitfalls here?

I'm going to end up breaking even on this house (i.e. zero expense or profit), and still I don't regret it because I get to use it as education on pitfalls I didn't know to watch for.Take the plunge.

I see this as a minimum of $50,000 worth of commissions and more likely closer to $75,000 worth of commissions that I could have by getting licensed.The costs associated with getting a real estate salesperson license in my state is incredibly low in relationship to this ONE SINGLE life event of which there will surely be more in the future.I also see a major pitfall with using a real estate agent on the buy side because then I am subject to their availability for when something hits the market rather than my own availability of pouncing on something quick.I've researched out a few real estate brokerages that have a monthly fee to hang your license there and a flat fee per transaction. 

Are there any pitfalls to watch out for and are there any structural ramifications.

The biggest thing I learned was, I am an agent and in this situation, I could have explained early on what the sellers could net in the current condition and explained all the buyer pitfalls.

What are some pitfalls with mobile home parks? 

The big money is in 4+ units where you increase the rents and the rent increase automatically increases the Cap Rate and the property's re-sale value.I would like to see more people pushing people to understand the power of multi-units and the very strange thing is that I skim through every real estate book I can get my hands on and every book I ever read is missing the very most important facets of multi-unit investing and every book is full of pure B.S. when it comes to the subjects to the pitfalls of multi-unit investing.

The main reason behind this increased consideration of key principles is that too many part-time investors are getting into real estate investing and lenders don’t want to take on heavy risks.Some of these key principles are:Have local multifamily experienceOwn a 5+ unit deal for at least 5 yearsOwn two or more 5+ unit deals for eat least 2 yearsHave a net worth more than or equal to the loan amountI got goosebumps when I learnt of it because my parents always used to tell me about the pitfall of partnering up with people.

Looking for any strategies and/or pitfalls associated with this type of investing.

Hi Tevin:  I would be happy to speak with you personally on what you want to accomplish and help guide you to stay out of some of the pitfalls.