Don't forget to include all the things for  a multi like lawn, snow, any regular fees that you would not have in a SF rental. 

Going through the regular channels to find good deals in going to be tough in a very hot market. 

In all other ways the deal is structured like a regular rental lease with the tenant covering repairs under a certain number (150, 250, whatever, point is to keep you from being nickel and dimed over little trailer repairs, toilets, faucets etc.) and the park owner covers major repairs.

No tax on refis.Hi Dawn, 1031 Exchanges are not expensive at all.  1031 Exchange fees generally run $700.00 to $1,200.00 on the west coast, and sometimes as high as $1,800.00 on the east coast for a regular Forward 1031 Exchange. 

Are you able after you've done the repairs, and failed to flip within say 3 months, obtain financing via a bank or regular lending institution?

We get hurricanes regularly, so our building codes are more demanding.  

It won't be a primary residence so I wouldn't need a regular mortgage loan.

If this was a regular sale, I'd provide the EM up front and do whatever inspections I would do as soon as the seller accepted the deal.

I’m not sure about the larger builders, my guess is that the execs have an LLC that is an “investor”.The ones I’ve seen do it usually have a few deep pocket investor friends who can regularly close smoothly on them without the need for a lender or appraisal.The down side (where I live) is that profitably selling a recently completed home in an area of active new construction can be tough the first few years.  

(body building show).Anyhow, this is not typical.