I am interested in the Rockford, IL area for the low prices and decent rental rates.

Even if those FHA requirements went away, the low down payment group only gets a shot once the market has run out of Bay Area tech workers moving to Sacramento with 20% down are all used up.

I think it has great potential there are 7 units and it's priced about 50k per unit.The units are each 2 bed 1 bath and is netting an estimate of 450 per unit per month.I went on BluePockets rent estimator tool, and the comps for the area is $865 a month. if I can net $600 which is no where close to the $865 that BluePockets estimates, then the property would generate 50k a year.Am I missing something and the property is fully leased so it has to be in pretty decent shape.

Start with podcasts and listen to the first dozen or so episodes of the following: Mobile Home Park Mastery, Mobile Home Parks in Real Life, & Mobile Home Park Investors.That should give you a decent knowledge foundation to at least begin understanding the asset class and get you asking the right questions. 

They cleaned the house and did a decent job. 

I do a decent amount of deals in the area and have a good track record.

Been putting in a decent amount of offers on STRs in PCB, Gulf Shores, Blue Ridge, and the Smokies but am continuously getting beat out by all cash offers on $400k+...

They're not all created equal, not by a long shot. 

We have a decent amount of capital and a few HELOCs available to be aggressive on offers however, we keep getting beat out by all-cash offers where we are just out of reach.With that being said, we discussed exploring the option of hard money or private lending as all of our other properties we have used our own capital and conventional loans. 

The cash flow is decent, but really I just put the money back into it.