. - Credit score of 580 or above. (640+ will be easier)-Established credit history (I think 2 lines of credit is the minimum i.e. a credit card and car loan)-Verifiable Income -Be able to afford the housing payment AND any existing debt. 

May be a good play if the town regulations allow.

Even more important than the PM you use (so long as you use a licensed and established PM) is the neighborhood you buy in.

I personally own multiple properties with two partners and for us an LLC was necessary to establish equal ownership of the properties, which vary in value.

I suspect the gov't regulators that designed the current disclosure forms had an anti-FHA bias, the pre-2015 disclosures didn't cause as much confusion, there's no other typical/standard fee that they make look like it's charged 3 times...

Also I prefer areas with less government regulations, lower taxes, and lower overall barriers to entry.

@Julie Groth You may want to run it by the government entity in charge of regulating manufactured housing which is usually at the state level.

That's your risk profile for legal recourse and recovery.As far as any risk profile that you will have for blight violations or quasi-criminal proceedings like property code regulations, you won't be as protected as an individual as you would be in a business entity structure. 

In particular it will help to establish milestones, the amount and timing of earnest money payments and closing.Closing should be tied to having all required permits in hand as well as the debt and equity capital needed to fund the project.If you decide to go forward DM me and I will send you an example of a critical path analysis and term sheet.Best of luck.

Look in the southern half of the US: there are tons of great deals that will cash flow a ton, and regulations seem to be much more favorable down south.