I ran numbers on the above scenario you presented.   1) Mortgage note would be $345K @ 4/5%?

Same as you i wanted to jump into another 2-4 unit property with a low down 3.5% or 5% but at least in my situation I ran  into a road block.  

My commitment and participation as a 70 year old RE broker, general and manufactured home contractor, manufactured home dealer, developer, property manager and investor would be two days a week of in office management responsibilities i.e. managing, the on staff office personnel which consists of a receptionist with clerical responsibilities, a full time accountant and a property maintenance manager whose responsibilities include working and scheduling the 4 full time maintenance employees and several non employee licensed contractors responsible for larger ongoing structural  property maintenance.The buy in is a substantial mid six figure amount which is represents a good chunk of my investment portfolio.

Apart from that they are beautiful classics but need a lot of ongoing TLC.

Both took much longer than expected and I ran into problems every step of the way. 

Tough to assess but if you looked at it as a mobile home park with 24 pads dependent upon both a septic & well water you will appreciate the issues you may face &/or be surprised by.We looked at a MHP some time ago & the well water supply during the summer was an issue as was pump station maintenance etc during the winters, then you have the ongoing water quality inspections. 

I ran some rough numbers.  

It was a large park with lots of units but not in a good area and as a weekly rental not your top end renters.This caused for a number of interesting situations, one of which I will tell you now.This is the one where I was robbed at gunpoint by the 2 stooges (or so it seemed) Stop me if you’ve heard this one.So, as I mentioned, large park, weekly rentals, So it was nothing for me to leave on any given Friday evening with anywhere between 5-10k cash in my pockets.On a normal Friday I would leave the manager to collect the rent while I ran errands, ran collection calls, and handled repairs.

However, the city insisted that a $315 inspection fee to determine that the violations were not ongoing stood.  

S-CorporationC-CorporationPass-through PartnershipPass-through Sole ProprietorshipI should also mention, the LLC is used for other ongoing consulting-type business.