Check with Planning and Zoning to see what's allowed and what the future plans are for the area.With this basic information talk to local real estate agents and maybe some small builders who do infill houses.

Basically everyone here is ready to help investors from getting scammed, so just ask any specific questions you have and we will chime in.  

The industry standard formula to evaluate a park is# of lots x caps x 12 months x expense factor x lot rent ($)I understand it is basic and we should consider the market and etc. 

Getting too wrapped around the axle about finding the ideal first deal is a good way to miss the game because you were too busy sitting on the sidelines wondering when to enter.sounds awesome. the second half of your post is nailing where i'm at right now: figuring out when to jump in based off of knowing that something decent is in front of me rather than waiting for great numbers in particular. my goal is to have something during first half of next year and not blow it, basically. if i break even, or anywhere near it pretty much, then i'll be happy cause of getting over the knowledge/fear/hesitancy humps.

Additionally, it's recommended that you bone up on the basics, so that when linked with a mentor locally, you will be ready to hit the ground running and be able to ask more intricate questions to rapidly build your REI career.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.The bottom line is that you must take action to start.

What also hurts you is the PMI and down payment as that is money that doesn't go to principle and a cost of doing business that brings nothing in return.

Many in my generation are fearful of home buying until they are making big bucks because they lack knowledge and confidence with regard to basic home maintenance!

Basically where I go is..

As a medical student, in a little more than a year, I'll basically get sent to whatever hospital here in the Midwest(most likely not in a "hot" location) that will accept me.

@Mark Allen,You can also assign a sub to contract - basically wholesale it to someone who has experience doing sub to deals.