Even though doing a rehab would net a higher profit, I personally thought that doing a rehab right off the bat would be a bit much for me just starting out because of my limited knowledge and because I don't have the time to oversee such a project right now.

I have homes in parks here by me but there is only a limited number of parks and lots open I could use then I am stuck.  

Don't limit yourself to look at just one house. 

However, (again, from my newbie experience), those who are working with limited capital may be better off turning 3-4 houses a year (and paying the higher associated tax rates) than the strategy you mention. 

I have strong credit (760) though my wife has a limited credit history as she is now immigrating to the country.  

I ask because land is a item that has a limited supply.

I'm limiting myself to one the first year to make sure I'm buying a good deal.

Remember that Freddie limits you to 4 loans while Fannie allows 10.

I live in California and here the law limits non-exempt private lending to 10% annual interest.

They are also the most mobile and 'entrepreneurial' generation, so roots are limiting and scary.