It's not a guarantee of success but it's a major step in the right direction.

Challenges?

It's not necessarily a matter of time; it's a matter of risk.You can hire a leasing agent to handle the screening which is probably the most important step.

I applied for a Cash Out Refinance with the bank that holds my mortgage.In an effort to actually enjoy my life and spend time with my 1 year old son as he grows up, I left my job at a Fortune 100 company to own a business where I make very similar money working about 6-8 hours/week instead of 60-80.The next step IS real estate investing.

I can’t stress this enough.The life of a landlord can be exciting and challenging, but it is 24/7 and it is a business of people management, and doing things legally and doing things right, and making decisions, bad or good.This is a business of evictions, of fires, of break in’s, of damages, of being responsible for other people’s lives.What THEY (your tenants) do affects YOU!

Hey @Michael Junior You can drop mail on their door step but don't touch their mailbox because that is illegal :)

Step 1 for many investors is getting a good W-2 job.

Having <10K will limit your options on how much real estate you can afford, though that same rule applies if someone has $100K saved up (still challenging to own a multi-million dollar complex on your own).

I'm aware I'll  loose the economies of scale a proper MHP would have, but would this idea be cost prohibitive, or potentially a good stepping stone to one day being able to graduate to a real MHP while gaining local industry knowledge & contacts? 

Speak to an attorney regarding possible next steps if the tenant doesn't vacate.