Most of the time a FHA 203K streamline loan is already low in rates and so if you're looking to cash out refi and get your initial investment out, you'll definitely need to buy at a nice discount to achieve that. 

I recently helped a buyer to get a brand new trailer home that was a double-wide and over 2,200 sq ft - 3 beds, 2 full baths, in a 55+ community for $147,000 with upgrades for a car port and central air.The unit I have under contract with a buyer in a different 55+ park is a manufactured home, also 3/2 with car port and central air at $179,900 - and it was built in 1985.If you're thinking of buying individual homes to rent to tenants, I'd consider a 55+ park on the theory that people that age will hopefully not be engaged in as many, shall we say, "youthful indiscretions".

You have nothing to do and you have less risk because you get paid based on the occupancy of the whole complex, not just your unit. I

Can you give me some info on how you achieved this?

YES, your lender will likely NOT approve your loan IF they know the 3rd unit is not "legal".  

Other than great BBQ, I do know that colleagues have found success achieving the goal of cash flow.

Moving into RE investing to achieve financial freedom.I'm in BP to grow in my knowledge of investing, and network with other Investors.

.- Each unit is 3BR / 2BA,1200 square feet.

When you achieve income, you can then pay yourself from the S-Corp using the 1:2 salary / dividend split to minimize your self-employment tax liability while still showing an income to prospective lenders for personal credit.Additional LLCs are likewise are part owned by the S-Corp and your trust so tey multi-member protection.Remember to insure all of your entities and all or your holdings.Hope this helps ...

You are essentially doing this with a duplex, and I see no reason not to do it again if you can find the right unit. I