Even through the numbers worked, I'm concerned about depreciating value of the mobile home, and saving up cash for refinancing. 

I have some savings, future employment is an option, and looking for multi-family properties to rent...also interested in flipping.  

That $1000 savings now is going to cost you a LOT of stress and, ultimately, money in the future.

If you have access to conventional financing and have the down payment and rehab in cash, you will save a lot of money but you won’t have as much leverage.

Saving on monthly management fees, overpriced maintenance, and the stress caused by trying to understand if your property manager is actually working for you, or the guy next door.  

The FinancialsPurchased our "starter home" brand new in 2010 for $166,490Zestimate is currently at $281,510Mortgage Outstanding Principal balance is $137,331.69Monthly Payment (PITI) is $1,159.24Rent Zestimate is $1,625 /moIn case it's relevant, our budget for a new home is $450K and we have 25% saved for deposit.

I am losing about $250/month once considering CapEx/repairs/vacancy savings, prop manager. i have renters in there and house is in good shape but as we all know, something could go down at any time. loan is at 2.75%, so, I would lose that....which amatorizes quick.

I would likely not have gotten these returns in any other form of investment.Goal is to continue using OPM to secure retirement plus pension, whatever paltry SS we get, and our 401ks.

I've retired and moved to Georgia to be closer to my son. 

If your passion truly is to focus on something REI pick a degree that parallels with it in some way that allows you to love doing your 9-5 job while you gain experience and save money to eventually be a full time REI.