I think it has the best opportunity for appreciation & value add, attracts the most renters, has the easiest exit strategy. 

A great deal will insulate you to a large degree from any short term market fluctuations ... in fact, that is the very definition that I use to analyze if I have in fact found a great deal ...

I want to attract a decent renter with a decent home that will work with me to fix up the property and bring it to the same level as the rest of the neighborhood.Does anyone have a list of standards for a mobile home community?

I am leaning towards Brokerage account because I definitely want to be able to put some of my money into mutual fund for short periods of time.

In short you need to do as much due diligence on the auction as the property itself. 

So, the long and short of things, find private financing from friends and family or do Subject To and Wraps.

I feel really comfortable working with short sales, foreclosures, and folks with inherited properties, but distressed properties are definitely in decline right now with the high market prices.

Also (you didn't ask me this) but in short, my thoughts on the Fresno market is that it all depends on how soon all the new construction goes up.  

Because those rules are simpler than analyzing your own risk/reward profile or long-term investment goals, they attract a lot of attention.  

They can work wonders in a short time because they know all the little nuances.Good Luck!