@JCas06 , I would select the following:
I would do this for both the Tenant and for myself (as the Owner / also on hook for loan).
You want your Tenants to feel that there is a light at the end of the tunnel (that the loan will actually be paid off…that they will be able to actually own their Mobile Home outright one day in the near future).
You might get some nice upgrades (extras) with the 23 year term, but as an Owner I do not think that it is worth it for the extra 8 years added to their / your mortgage.
In addition I agree with @Brandon
- “You know your market best.”
We have had our Turn-Around Mobile Home Park for over 3 years now…still turning it around :-).
Our Turn-Around MHP has a lot of Construction Tradesmen as Tenants.
We have multiple Tenants who have done renovations in their Mobile Homes.
These Tenants/Tradesmen have installed Granite Counter-tops in their Kitchens along with beautiful, ceramic Tile in their Bathrooms.
These kind of Tenants/Tradesmen are just looking for new, base-line Mobile Homes that they can use their skills to turn their Mobile Homes into their Castles .
We wish you the very best!