But if you find the right builder, having a new construction cabin is so much better for rent and to limit expenses, its well worth it.

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I'm a licenced Broker and I also handle project management for flippers, contractors, etc.FEMA 50% Rule: ALL of the homes that exist in a Flood Zone have a 50% limit on work that can be done to repair them without bringing them into compliance with current flood standards.

.- Most cities do NOT care if an owner lives in basement, but will not allow a tenant to unless baement has legal egress window.3) Check local statutes if any limitations on how many unrelated roommates are allowed.4) Check with local building dept to see if rental inspections and corresponding requirements.5) Local statutes allow locks on bedroom doors?

FHA-Owner Occupancy Loan, to limit down payment to be able to utilize for maintenance

OOS investing seems to be your best bet.

I do have preferences ie close to beach/lake, no state tax (limited but if possible). 2.

While BP has a rent estimator as does rentometer.com (both allow a few free uses, I believe), I agree with @Zachary Deal that your best bet is to seek out guidance from either the listing agent or a property manager well-versed with the area. 

Lots of crime over there, I'd say best bet would be 1 occupied and 1 vacant.

It's a cool looking place @Andres Rossini but there are negatives like others have pointed out.The fact that it is a mobile really does limit the value.