So to give you an idea from an HML perspective...if you search these forums you can find a number of threads concerning doing things that might violate the due on sale clause with the lender.

From a selling perspective believe mobile homes get looked over but they sell in the outskirts of RDU.

Your response of "one month vacancy is half of the annual income" really put it into perspective for me.

It helps to see it from different perspectives. 

@Connor O'Halloran get your new brother to be the bank and hold the note on this deal like the other guy said ;-) it could potentially be helpful to him from a tax perspective too but you'd have to dig into that.

Am from St.Louis and have a great perspective on the market, curious to know what upside you see there and would be glad to connect.

So many advantages from a tax and refinancing perspective.

But from the CRA perspective you made 800 (250 cash flow + 550 mortgage principal paid).As others have said, you can depreciate the property to offset this income and defer the taxes until you sell the property.

I think lending, from the perspective of a new investor, is the hardest nut to crack.  

I'm an active duty, a (newer) agent, and an investor (for whatever that's worth), so my perspective my vary.