You closed in December, meaning your first mortgage payment was probably due Feb 1, but it probably hasn't reported to your credit yet.So, to summarize:- You are now several hundred thousand dollars in new debt.- If you're a first time buyer, your credit history probably has zero track record of managing hundreds of thousands of dollars of debt.- You have zero on time payment history on that debt.

It pretty much summarizes the main points you need to think of as you make your first foray intro multi unit owning. http://www.biggerpockets.com/renewsblog/2015/05/13...All this is to say, we did exactly what you're contemplating and purchased a multi unit via FHA and feel very fortunate to have done so.

I know I'm going to have set backs at some point, but to mitigate that I'm asking questions here, and trying to get some pointers before I just jump off the cliff ;)But, to summarize what you're saying, you're advice is to stay away from MHs because the profit doesn't outweigh the work?

Very succinctly summarizes many of the techniques I use myself when evaluating properties, the most critical of which is filtering out those listings of $1k/night from the owner that just rents out their unit 3-5x/year and blocks it off as unavailable the other 300 days/year.

Lastly, you should be underwriting at 10% Vacancy factor, not 5% (which is your best case).So to summarize, your total expenses including vacancy should be at 40% or more for underwriting based on the details you have provided thus far.

.: 114 pages (to date) summarized visually