Be very careful with this though, if you have shorter term financing like I do prepare for a down turn, I have no idea how much values fluctuate in your market, and if your note need to be renewed in a down market, you better have enough equity, or a pile of cash to bring in, I have seen many investors collapse because they harvested too much equity, I limit my portfolio to 40% LTV, im running about 35% on 21 properties right now, so i feel pretty safe, I was through the last crash and saw some guys i thought had it figured out crash and burn, just a word of warning. 

Some clients save thousands of dollars a year with a Solo 401k compared to a self-directed IRA.Here are a few of the Solo 401k benefits:Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You can take participant loans from the plan.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.

I say this mostly because it sounds like you are working with limited capital, so it would be wiser in my opinion to start slow, and keep some reserves instead of simply buying the most number of units you can under FHA right away.

I've done several mobile home deals in parks and in my experience, park models should be avoided. 1 bedroom homes, whether stick built or mobile, have a limited buyer pool.

I have a similar situation as @jenpothilat 's posting, both of us living in expensive cities (Im in LA) with $540k cash to invest but I have a different goal and more limitations.  

The east side will most likely remain very cheap and poor since the huge influx of people coming in all want to live in the limited English Neighbourhoods. 

That's great, but you've just done THREE things that work against you: you've eliminated yourself from the radar of many buyers, you've limited the marketing on your property, and you've positioned yourself as a TARGET -- because you know who loves FSBO listings?

It is interesting to see that quite a few primary markets (Phoenix, Colorado, Charlotte, Indianapolis) are still seeing stable occupancy rates and growing rents in both Lifestyle and rent by necessity apartment groups.

But the property would never do that because of its design and limitations, so in order to make money, I'd have to either create more space/more bedrooms, or wait for the area to improve.

I, thus far at least, limit my search criteria to the top school districts.