I am looking pretty hard at a 29 lot park in the south that is 90% lot rent only. The seller owns 3 of the homes only. I haven't tied it up yet, but I am about to. The seller is willing to finance a big portion of loan but I wont be able to come up with the entire down payment myself. I know I'm not the first person in this situation, but should I tie up the park first then look for a partner at a certain phase of due diligence? Or should I be looking for someone before I put down earnest money?
Park is at 100% capacity (with room to expand) and on city water/septic. Tenants pay all utilities. The city already owns the roads and the seller is a mom and pop. Seller is old and wants to retire. Lot rent is only 120 per month which seems low but I haven't done all the demographic research yet. Going through the due diligence manual, this research isn't done before the park is under contract, which I found very interesting.
So I ask again, at what point during this process should I really start looking for someone to fund the remainder of the down payment? Any advice would be much appreciated. Thank you.