Before you've owned it long enough to appear on tax returns, an investor friendly lender will just do [ rent * 75% - PITI ].Once it appears on tax returns, if you need/want to exclude the one-time rehab expenses, put it on line 19 of schedule e with the comment "see statement X," and then statement X in extreme detail lists all the repair and rehab work you did, and furthermore you can provide me with every single receipt/invoice, exactly matching the line 19 number, exactly down to the penny (so, it's best just to make each invoice/receipt be a line-item on statement X... if Contractor John gives you 5 invoices throughout the project, show me 5 line-items).Only one-time repairs/rehab can be discounted from the mortgage DTI math.

Mobile homes built prior to 1976 are extremely difficult to finance.  

Cash is too valuble to a investor to allow that to happen.Park your cash in a property if you are a extremely conservative investor, in which case there are far better and easier investment vehicles than real estate.

Their rates are extremely good and I'm kind of leery. 

A landlord would need to be a knowing accomplice to a crime or completely disregard working with the city for an extremely long period of time after the property was declared a public nuisance before anything near the ballpark of a home being confiscated from a private owner would take place.If there are any landlords out there who've had their homes declared public nuisances I would recommend you move to evict the tenant in that situation.

just close on my second property I’m currently reading “ how to invest in real estate …” if anyone can chip in a little knowledge on what should I do as a extremely newbie into the real estate world of all ears. 

Obviously market value and prices are extremely expensive down here so we are looking more towards the vacation rental market for our investing strategy.

If you don't have that difference, the loan will be extremely risky, and if you could find someone who'd do it, the terms would be outrageous. 

Legitimizing yourself is key because owners many times have either been burned by owner financing before or have had really amateur investors approach them with it so they will be extremely cautious about it. 

Market value are extremely low on most properties which will result in a huge spike in property taxes.