This is circumstantial however, if you’re in a community property state, because you’re married she will have to qualify with your debts factored in as well (again this only applies in community property states).So all your liabilities, net profit on your current FHA property,etc.

Most newbies that have herd mentality are buying those now.If you are trying to get safer investments you might want to buy brand new builds in a subdivision in a nice area stage 0 to 1 of development.Example you look at 2 options:Option 1 - Buy a house for 75k (Class C) that after mortgage payment is supposed to generate 150 a month income or 1,800 a year.Down payment 15,000    Result: In a few years rent growth in lower income areas is more limited due to income earnings.

Right so what I would owe would be the tax liability on the deferred gain.

I am waiting to vocalize my intentions until we are inside the 90 day time limit she has to renew, which is 13 days prior to my closing but I would need to get an agreement in place prior to closing. 

@Walt Hairell Your options are limited with a mobile home (manufactured housing is the new PC word).

Besides attending to the myriad of questions, requests, and issues with tenants and the property, a good PM will provide liability protection with legal knowledge, asset protection with a tight lease, and increased ROI with simply smart management. 

If you foreclose on a property and want to keep it as a rental then that is OK but just be aware of the limitations. 

In a limited sense, I'd guess that the money you spend that will get the greatest return is cleaning, mowing, and painting. 

This house is outside city limits so no permits needed.

Fixing the self created, and self limiting problems is the most valuable, because these are the simplest problems, and the ones that will have most impact on your ability to help other people fix their problems.a good credit score is reference that you can properly manage resources, without it, it's hard to convince someone you have that skill.