Dear BP family my wife and I are in the market to buy a SF rental property in the Bradenton, FL area and we have around $600k to spend, but we're trying to decide which direction to go - buy a SF house that can be a short-term / mid-term rental for the next several years until we temporarily move there (we're in KC, MO right now) or spend much less to buy a mobile home in a 55+ community and rent this until we move.

Each approach has risks and trade offs.

If your State law allows it, you can ask for 2 month security deposit if you think they may become high risk or you can simple move onto the next application.regarding the mortgage in question and monthly debt payments?

They want them for the same reason you are questioning it here: it is an area many people are not familiar with.Obviously, this is your money, so you need to understand the risks you are willing to take.  

The DC area is an incredibly low risk market.

Going out of state might be riskier if you don't have the teams in place, but there are several investor friendly agents who could assist you.

Is it possible to do inspections without DD if I am okay with taking the risk of the home selling??

I would highly consider using a reputable company and opt for a Debt Service Coverage Ratio (DSCR) loan for a rental property for several reasons.

That would mitigate some of the associated risks as well.

No doubt if the borrower is not paying the HOA they will not paying the first mortgage and in this market of severely underwater homes that is their bond to break.