I was thinking the future tenant would have a living room and the dining room area (small square area) would be the future bedroom.

I look at about 1,000 properties a week and have clients all over the country including Ohio.If you could put your price range, down payment, expected cap rate, tenant type, location such as suburban or urban core, etc. then I could quickly tell you if what you are looking for is a 1 in 100 or a 1 in 5,000 property.

If you want to do LTR, unfurnished is much more common and expected. 

Costs per square foot is not a great metric because is depends on the price tier and market area you are and what quality of fixtures and finishes is expected by the buyer.

While this option may require permits for the renovation work, it may be a simpler process compared to replacing the entire home.Ultimately, the decision to replace or renovate the mobile home will depend on your budget, timeline, desired level of customization, and future resale value.

Same for flipping - find a flipper that is willing to teach you a few things or maybe even be a strategic partner in the future.

@Nate P.Your profile hints that you are living abroad.If you are a US citizen - you want to make sure that the CPA you work with understands the foreign earned income exclusion(FEIE).If you purchase a property and are expecting valuable feedback on how that property will impact your tax return, you will need to provide a rough profit and loss projection(rental income and expenses) along with purchase price to have a conversation with your accountant so that they can provide you good feedback. 

For future reference, you shouldn't make any offers that you aren't ready to close.

There are costs associated with doing a HELOC.If you WILL be living in the property for the first year, get a 5% down, or less, FHA/Conventional/203(k) loan for the purchase and keep more of your money in your pocket for future purchases, repairs, etc...On the second property, use a private lender to fund the acquisition/repair costs if any, and refi out using a DSCR in 3-6 months.

I look forward to reading about your future investing successes!