Real estate can provide a more tangible asset and potential for rental income, but it requires more management and can be less liquid.

So the balance on the Loan is 40k.

But we are paying all that back down, so as our balances decrease and we get farther away from that missed payment we will be able to get a loan on the house we inherited and use that to get us going on some income properties or maybe a flip.

I am a 16 year old planning to form an LLC under my parents name in order to qualify for business credit to cover the down payment on my first investment property I will also pair the business credit I am able to qualify for with cash and refinance to pay off the down payment when the interest starts to kick in but I am wondering if when applying for a FHA loan on an investment property if they require income to qualify or if they will accept it because I will be renting and covering the mortgage with the rent and how that all works when qualifying and if this is even possible. 

I would require them to show proof of income to verify they can afford the increase, then make them sign a lease.

The requirements for "significant" consideration is also not uncommon.  

Local you can more easily do heroics if required.  

Few things with MH that need to be assured is "Double wide" which you covered, On a permanent foundation/concrete slab, Not on axles/remove, Not moved from another property or living location, and built after June 1976 (Some investors require within 25 years). 

This type of financing is popular with investors because it doesn't require any income verification.

Does section 8 require a specific lease form for tenants in PA, specifically Dauphin County?