Would depend on how much capital you have for the ultimate strategy

Now that I have a little bit of capital I'd love to attempt a quick flip, but in another market where prices are more affordable. 

Taxes are based on the difference between your sales price and your acquisition cost (purchase and capital improvements.)You should speak with tour CPA and lawyer to best structure your business to minimize the tax impact.

Nobody wants a POS mobile built in 1951 that needs an extra $5k in capital repairs before you can rent it out, but obviously a 2005 DW that's at least B condition isn't something I would necessarily stray away from.My question is for all the park investors out there: do you prefer a larger number of park-owned homes or tenant-owned homes?

@Colin YounYou should consult with an attorney on structuring the partnership/LLC.This appears to be a partnership as you are looking to split profits instead of a loan agreement where your friend is looking for interest based on capital.

Provide value and build connections.Paid traffic can help you build a funnel, but of course you have to be willing to put a little bit of capital in.

Finally, you have to ask yourself if you have the capital on hand to cover the mortgage and other expenses should one or more of your tenants leave after receiving the rent increase notice.

I would like to do direct investing and setup some capital of my own to start doing passive investing.

There is an insane amount of new SFR construction going on around the edges of the city (Vail in the SE, Marana in the NW, and huge swaths of new construction in the middle just south of I-10), I suspect driven by developers hoping to capitalize on the growth here.

Here are some strategies:FHA loanFind a commercial broker who will lend on a 4plexRaise capital from family/friendsFind someone to co-sign on the loanPrivate moneyPassively invest first