Nice to meet you. - You have some great points.
Thank you so much for taking your time & energy to respond. I appreciate your insight.
I do know the quit claim was the worse kind of deed. We did have everything done with 3 attorneys (ours, brother #1 and brother #2) It was also done with an Abstract Title and has already been recorded, so that's a good start.
2) The city is so very excited that we are bringing this mobile home park back to a mobile home park. Story is they put $175,000 into placing all those utilities in the park and had not been paid for them by having the park up and running. As brother #1 never did what he said he was going to do with the park.
They are practically begging us by wiping away taxes and have gone on site to ensure all the utilities that are there are working. Offered to fix them if we have any problems.
They also agreed, in writing, as soon as we got the property out of brother #1's name and into ours, they would consider waiving some of the back taxes. And/or providing us a 5 year tax abatement.
3) My partners in this deal own a MHP in the next town. Its bringing in $six figures gross a year. However, they own the trailers. Which they are getting $750 a month for their 3 bedrooms. Im excited to hear from you that being in a small town isnt a deal killer.
4) I really do not want to own the trailers. I would much rather have people bring in their own or buy them through my partners, who are dealers and place them.
5) I have heard from my partners the labor is a major issue. Because they have a park already they are bringing to the table their contacts & resources.
Heck, I specialize in Rent To Owns on my SFH real estate investing due to this issue. I dont want to have to deal with the crap my SFH colleagues deal with doing fix & flips.
6) Strategy to fill the park will be what I learned right here on this forum from a post Frank did. Build the community on value vs price.
7) I, my partners, the town hall and anyone you talk to indicates the reason the park is empty is because of brother #1. I better pray that is the case huh?...lol
I figure, for what we are spending for it and the terms in which we got it, if worse comes to worse there is a neighbor who made the brothers an offer and wanted it just for the 6.3 acres of land. Brother #2 refused the offer because he wanted it built to the MHP to make his deceased mom proud.
However, if I run into 10 brick walls I may have the choice to sell it to the neighbor.
I will keep you updated and let you know my trials and successes. Which Im sure I will have a bit of both.
Thanks again jhutson for your brainstorming. Will we have a chance to meet at the Boot Camp in February?