@Paul GiblinIf you want to minimize your risk you should consider a 3-4 unit because your monthly cash flow will be greater than a SFH.If you buy right you can have 1 unit's rent almost cover PITI which eases my mind especially in these difficult times.Couple a 3-4 unit with section 8 vouchers and you are really cooking with heat as HUD pays rent directly into your bank account on the 1st of every month which also reduces your risk.For example I manage a 3 flat on West side and PITI with h20 and electric of $1400 a month that pulls in n $1328 and $1330 completely paid by HUD, and then another unit which pays $1325 totally paid for by SSI, so basically rent is guaranteed unless US government stops paying which inho is highly unlikely.If you add up all 3 rents it is $3983-$1400 PITI minus expenses (not including repairs capex or vacancy) there is still $2583 for cash flow minus repairs, capex and vacancy which I UW as 5% each for repairs and capex and+10% for vacancy which leaves $2066 for cf each month.I can sleep at night knowing that as long as I am competent enough to at least have one unit rented I can basically cover my monthly PITI.This strategy might not work for everyone but it works for me.Bottom line-you need to find out what niche you are comfortable with now and then take action.Your strategy may change with experience and time, but it is important to get started.Hope that helps.

I received 8 or 9 qualified applications from Zillow in the first day on market with minimal back and forth. 

I would love the input of this great community, and could easily be swayed one way or the other...At the end of the day, both are wins for me to learn.Are you taking the Red Pill or Blue Pill and why?

Depends if your going to move and live there to personally over see this project.If not then your infrastructure ( team) will be critical all things being equal go with the right team especially if your buying in areas with historic minimal appreciation and just cash flow.

(Banks will not lend on mobile homes after they are a couple decades old so there is not a lot of competition for older mobile homes) Offer a few grand cash to the owner as soon as you get one that is in okay condition, DIY a minimal cosmetic rehab, and offer it as a rent to own or seller financed property.

What works well for me in my market - small ranches with minimal rehab needs that sell right under 300k.

If I did two separate units privacy would be minimal and I would need a different set of licensing agreements since it would be a multi unit and not a single family short term rental.

Minimal regulations.

No magic pill, just plain old cold calling. 

And often times tenants are willing to keep renting with minimal upkeep if they just don't have to move.Now before the property managers in the group come rushing for my head let me just say in addition to being a developer and builder of multi family I have a property management company for the above mentioned reasons.