The rent and utility bills are coming in but not the short-termers.posted by @Vincent Chen:@John Underwood That is how they build business and scale it fast without ownership.

Have any of you been thinking of utilizing the new rules (if you qualify) to deploy retirement assets from existing 401(k)/457/401(a or b) into SDIRA or SOLO401(k)? 

As you said there's no right answer, but I choose to aim for long term wealth over being debt free (as long as you manage any leverage you utilize properly!)

The rents cover roughly 40% of everything on a monthly basis (P&I, insurance, utilities, property tax) and the remaining 60% is from me.

I really want to utilize the FHA because you can only use that once and the sooner you use it to invest the better.

My ultimate goal with this possible rental would be to utilize the profit to purchase a few more short term rentals (not necessarily on the island) and then diversify into long term rentals as well.

For manufactured homes on their own land, be aware that a manufactured home that's been moved more than once, even in good shape, can be harder or near impossible for a normal buyer to finance...so in the case where you're putting each on it's own piece of land, you may want to/have to owner finance.It doesn't sound like you're very experienced with the permitting/utilities/etc portion of things,  each piece of land will have it's own unique set of development costs & challenges.

If the properties are larger they can utilize Fannie and Freddie that also lends to foreign investors. 

You may want to check out the utilities. 

The previous owner would convert a single MH pad to 2-3 RV pads, swapping out a single pad rent of $280 for 2-3 pads at $450-$500 each (including utilities).