He says many of the units are in good condition and that hes not aware of any active mold or structural issues (needs verified obviously).

The same study also indicates that 42% of millennials have heard about Bitcoin, compared with 15% awareness among those aged 65 and up.”https://www.forbes.com/sites/andrewarnold/2018/01/...

As you're probably aware, Lubbock is in a seller's market for rental props, but if you find a 2% deal, will you let me know??    

I'm aware that most of the people tell to pay 1/3 in the beginning 1/3 in the middle and 1/3 in the end.It's a big mistake in my opinion.

I am aware of the extremely high tax rates in these areas, but the numbers still seem to work out (not homerun 2% numbers, but relatively attractive for longer-term hold cash flow plays). 

As some of the others have already mentioned, Florida certainly has some unique obstacles to be aware of.

Are there any other drawbacks or things I should be aware of when considering this type of financing?

Just be aware that if you are using a DSCR or investment purpose loan in combination with your HELOC.

Unfortunately, that is not it because they are well aware of my plans to rent the old house and also cleared me from a DTI standpoint.

Or even better, a good lawyer who specializes in parks that can write one up and guide me through what I need to be aware of?