Won't have a license restrict me in some areas?

The first thing you need to know is if there are any restrictions in your area against a mobile home park.

(LOL)You could do a construction contract and you could add a restriction to title in the option, but that isn't really the common option agreement generally used.

I know HUD does not have any deed restrictions but I never been in this situation. 

The more restrictions you put on an investment search, the more limited your pool of potential prospects.  

Its not really a rule that will matter in many purchases but I did have one where the rents were so far under market that it would have ended up requiring a 15% down payment since the total loan amount was restricted by that rule.Also, you can only have one FHA mortgage at a time, there are some instances where you can get another but they don't apply to most people.

Ask to speak with the VP of commercial lending about refinancing your "investment properties," possibly with a blanket loan, and ask him about their requirements.Good questions to ask....Do you have any geographic restrictions?

Fee simple absolute is the greatest (the best) interests you can hold in title, giving you all rights in title, unrestricted or unqualified meaning that title is not conditioned upon other occurrences or limitations.However, in the real world, fee simple will be subject to "police powers" being restrictions to title such as easements and zoning requirements.

5 and over financed residential propertied is where you will run into restrictions on Fannie Mae and Freddie Mac loans.

Does the one-year-wait restriction (upon completion of renovation work) apply to homes paid for by cash and NOT financed, or are some deed restrictions applicable to homes sold to potential flippers irregardless of the source of purchase capital?