You’ll need to read the note to understand what the deal is. I do not believe you would fall afoul of Dodd-Frank because you did not originate the notes, but if the note defaults what is your remedy?
For example, we tell the defaulting tenant that we will not accept lot rent until the note is paid. If they pay neither, then they are evicted on the basis of failure to pay lot rent.
If they follow these instructions and pay the note but not the lot rent, it is the same result. But that is what you want anyway, because if they can’t afford both then they need to move on.
If they pay the lot rent but not the note, we do not deposit it but hold onto it and file for eviction anyway. However we bring the (undeposited) money to court and let the judge sort it out. We have never had a problem but it is my belief that a judge will be sympathetic to our claim that “you have to pay BOTH and you did not” and allow us to put the money received towards the note, while obtaining a judgment for the back rent (that if unfulfilled will lead to eviction).
Or else the judge will explain what we have to do and we’ll do that. It might take longer, but it will end in the same place.
ALSO, ditto what @Greg said. Most of the new tenants are probably “warm bodies” that were brought in to spruce up the numbers for the park for sale and you will likely not be happy with the tenant base that is approved on this basis, and many of them will probably default, perhaps 50% if you are lucky, or perhaps more.