The goal would be to buy small residential properties for now.I'm just trying to identify any holes in this plan before I execute it to know what I'm getting myself into.

You could also setup a lease option with the owner where you are renting and your rent payments accumulate as part of the down payment or purchase of the home, if you execute the option within the alotted timeframe agreed upon. 

These terms were offered, accepted, and executed.

We live outside of Austin so will put the home on STR for just random weekends if we want to have a stay-cation - paid for by our guests.Our home does rent for around $400/night so the caliber of our guests has been pretty high - executives on golf trips, families on vacations, so that likley is key as well.We just purchased a full time STR at the beach and plan to visit there often. 

You, personally, may not choose to offer HELOCs because of the vulnerable position it leaves the bank/you.

It's generally harder to make rentals work above $200K (at least here in Atlanta), so I'd be inclined to sell it and take my profits.But, if you were to execute your plan, how would you handle the $56K down payment, assuming an appraisal of $350K, purchase price of $280K and 20% down on an investor loan?

Based on the questionnaire and conversations, as we get to know them in a substantive way, we make an executive decision on whether or not they are sophisticated and whether or now we're going to allow them in as an equity limited partner.We do work with people (podcasts, groups, blogs, conversations, answering questions, articles, etc...) to help them become sophisticated so that one day the may participate.I hope this was helpful-Don't hesitate to reach out.Dino

Once you answer this question, the next step would be to get guidance on how to execute effectively to maximize the result your investments. 

We engaged one when executing a lease purchase with a reluctant seller and they earned every penny we paid on a house that reaped us a very nice return on resale.

I've generally avoided any homes before 1978 anyways because of lead paint dilemmas, but I haven't really stumbled across many, if any, mobile homes built in the 70s.I see, and that does make sense on why they'd be cheaper if there aren't great loans available for them since you'd have to lower the price since there's less buyers.I just don't hear much talk about mobile homes even though they make up such a large part of the real estate in my area, and that made me wonder, especially for rentals, they could bring some good deals.Are you aware if they have a higher insurance than stick build homes due to being more vulnerable to wind/fire damage?