Thanks to good timing (which I didn't really realize) the market was very good to me allowing me to pyramid up to much better income.

I've read some about buying the properties within both types using mortgages and how the income is treated differently due to some profits coming from your money and some coming from the banks. 

Keep in mind that most banks will require you to have 2 years of rental income before they'll allow you to count that income when calculating your debt-income ratio.

My idea of getting into real estate investing was coming up with 20% of your own money (that's 60k where I live for a low end property), traditional residential mortgage, net maybe $200 a month if I was lucky and repeat the process when I came up with another 20% until I had maybe 40 properties.

As more and more of that happens, run down areas can be revitalized providing a safe place for those with less income to live.Good luck and learn as much as you can.  

I am looking at a mobile home park in CT with the following details:- 18 spaces fully rented for $455 / month (received as an HOA - owner does not own the mobile homes but rents the spaces and includes utilities as part of the $455 fee)- Separate unit on the property:- 3 offices rent for $400 each / month (currently rented)- 1 apt bedroom for $800 / month (currently rented)- A storgage shed that gets $1400 a yearTotal Annual Income = $122,400Total Annual Expenses = $92,701They are asking $1.2M for this property, and I am new to this type of investment.

Properties are generally much cheaper relative to the rent they pull in, than in NY.3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.4) Lower variable costs - labor is A LOT cheaper here.  5) Less stringent code enforcement.6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.   7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home.  

Another way to phrase it might be to say 'I am WILLING TO take (dont say purchasing just yet) this problem off of your hands and turn it into monthly income  for YOU without all the landlord hassles. 

I'm also only considering my own income as a means to save to make the first purchase.

I asked my realtor why the low price and the previous owner owes $119k and is trying to leave the area.