How about looking for retired or landlords that has no mortgage and doing a seller financing?

Is it set up like a traditional deal, just with the seller as the 'Bank', or are there other steps that need to be taken?

I would ask the seller to present you their previous leases and any kind of documentation they can provide you. 

There is an obvious potential to add value, as well as a motivated seller.

Then find a tenant/buyer who likes the place and assign your contract to them for $2,500.Pitch it to the seller as getting his asking price (more or less) plus positive cash flow without having to pay commission or closing costs.Worst case you can't find someone and the seller is in the same situation he's in now.

If the seller is a private person you may be able to do a short term Wrap ( basically this is you wrap your mortgage around theirs).  

Nick, Since you will be occupying the house and taking in borders try using DPA and seller concessions to make the first purchase.

Some old park owners pile expenses from other businesses to reduce NOI to reduce income which reduces taxes.You need to buy the 30 day due dilligence kit from Frank and Dave at mobilehomeuniversity.com.The sellers (and or broker) are idiots taking raw income dividing by 0.1 (10 cap) to arrive at asking price!!!    

There are many ways to find motivated sellers - you have to think creatively...there's more than one way to skin a cat!

I made an offer through my agent at $135k that I felt was supported by the comps.The seller countered at $150K (the max I'm willing to pay), so I countered at $142,500.