@John Cohen is a pro when it comes to large and mid-size multifamily properties.  

You won't have a chance at this, just unrealistic....no money, no credit, no experience with this size properties.  

I'm not sure what the regulations are for how many mobile homes I can put on that property for the size and traditional websites have no data for the rental market in that area for me to gauge the market for myself.  

Like @Steve Babiak mentioned, call around to small-mid size community banks and see if they will entertain 20% down.  

Add that expense to the cost of materials and it can really add up. 2) Budget - If the budget will permit for you to hire the GC to complete the project, I would imagine that it will save you a lot of time and allow you to focus on screening tenants to have them ready to move in as soon as construction is completed.

Depending on the size of your units, have you looked into ductless air conditioning?

I got my BP membership almost 2 months ago while searching about screening tenants for rental properties. 

Sounds like $470K is not a huge discount (if one at all depending on how much it would cost to fix it up so it could even sell for retail).2) Tenant screening is extremely important.

While you are examining heating, plumbing, electrical, smoke/CO detectors, weatherization, locks/doors/windows/screens, appliance function, etc, keep an eye out for lease violations and how well they take care of the unit.

$1,000,000 would be the loan size to generally be considered for non-recourse.