Details - 29 acre piece of land, gravel roads on property, 80-90 year model homes in well maintained conditioned, 22 homes and one older home, metered power to each home, well water.

Start with one set of ideas, like foreclosure and start modeling out what happens.  

Create a temporary, statewide consumer rebate program to replace old appliances with water efficient models.

Like I said, there no great immediate return on investment, but that model suits my goals perfectly.On the other hand, I could, if I so desired, generate cash from such a deal. 

That said, the company that I worked for started with the fund approach rather than the individual deal syndication model. 

Investing in multi-families (or any property really) will suck up a lot of your time as you will be building models, performing pre-deal analysis, obtaining financing, performing in-depth and technical analysis during due diligence, learning a ton, etc.

Has anyone used this model for getting started?

I do wonder though, because no one can predict the future (whether or not payments are made, a foreclosure can go through, a property can withstand a natural, or non, disaster) - aren't there assumptions made in every statistical model made for notes (any real estate investment)? 

The homes would be manufactured to HUD standards with the one exception that we are looking into a habitat for humanity type model where the homeowner is required to commit x amount of hours to the build.

Long-term buy and hold isn't the best business model for HML I don't think.