Can you think of any downsides?  

Your biggest (not your only, of course) concern is your margin. 

We realize our biggest shortcoming is cash on hand.

I just decided that I'm going to do it and these are my biggest hurdles in my mind to get started. 

The biggest problem with mobile homes is that banks don't like to lend on them.

The biggest drawback is that uncooperative tenants are in the property are in the property and are delinquent in their rent.

Some background info:unit 1: $1150/mo – upper unit with view, some recent renovations. on year-long lease ending 11/17.unit 2: $775/mo – upper unit with view. month-to-month, tenant since 9/10.unit 3: $800/mo – lower unit. month-to-month, tenant since 7/14.unit 4: $775/mo – lower unit. month-to-month, tenant since 5/11.unit 1 i'm happy with.unit 2 looks like the biggest opportunity for raising rent. in it's current condition, it looks like i could get 875-950 for it. after some updating, i could get 1100-1350 for it.units 3 and 4 could probably max out at 850. after improvements i could get ~1k/unit.if they are good tenants i would like them to stay. i certainly appreciate the longevity. any advice would be greatly appreciated.

The downside that you have to plan for are: slightly higher interest rate and shorter note term (which translates to higher monthly mortgage payments).So, John, be sure to tell the banker what your plan is and let them tell you what packages they have.

One of the downsides with Venmo is not being able to tell quickly if rent is late for all your properties, if you have multiple properties it can be more work. 

Biggest benefit?