There are several factors to consider when deciding whether to replace the old mobile home with a newer one or renovate the existing one.If you choose to replace the old home with a newer one, some "gotchas" to be aware of include the cost of purchasing a new used mobile home, transportation and installation costs, permits required for the new home, as well as potential landscaping and foundation work needed to accommodate the new home.

Costs will vary depending on location, site conditions, development requirements, zoning requirements, type of construction and the level and scope of interior finish.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

I have a cousin in Florida that is moving and would love to come to an agreed price on their place but just take over the mortgage instead of securing my own loan as I am looking for it as an investment and would be required to do 20% down (which I would not have). 

The main challenge I observed is that individuals often lack a clear end goal or strategy, or they select a market that doesn't align with their chosen strategy.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).3) Adding an ADU is a slow process.

@Nathan Gesner depends on the SOW required for RentReady.Your timeline works for Class A properties and maybe 70% of Class B properties.We do many $5k+ turns of Class C properties that aren't getting done in a week - usually takes longer than that for owner to approve the SOW and then send the funds!

As you will see there are tons of resources and like-minded individuals here with more than a plethora of knowledge to help guide you down the correct path in your real estate journey.

Are low rises exempt from the requirement?

This is the most beginner friendly, but still requires lots of capital.