I'll be curious to see how much rents continue to improve over the next 2-5 years.

I also require my loan be serviced by the title company versus sending in money directly to the PML. 

I switched away from Wells Fargo several years back, and I can't tell you how much my banking experience has improved.

Look at my experience versus yours.

You'll have to run the capex against rate of return, but be sure to analyze holistically, not just a one-off improvement.

I feel like traveling nurses usually have to find their own housing versus the physicians (just from my own experience; if others have different experiences, I’m sure they will chime in).

The other thing to consider is 39 year depreciation versus 27.5 means less to offset income.

The two hard things you face which is a (No Go) for most lenders in a (NOO non-owner occupancy, and HELOC versus cash out mortgage) the HELOC is an open end line of credit and the few lenders that do offer those on Manufactured require that the HELOC must be used to pay off a 1st Mortgage and or any liens.I have seen investors have to go an actually get a "Title loan" because its still considered a DMV type issue where it was once delived on axle. 

The complicating factor is that I already own the land where the new property would be built, which would exclude any improvements from 1031 exchanges. 

Get into flips and into lending because if you lend, you're going to end up in a situation where you are in an asset that's improved as it's flipped because you buy, renovate, and flip.