I am trying to buy a small park from and mom & pop seller that are having difficulty demonstrating to me that they are in fact collecting rents from the tenants. Bank deposits and tax returns do not show it and I suspect much of the rent is collected in cash. They are willing to carry back a note on the purchase. Getting estoppel letters is not a very viable option. Has anyone ever used some sort document that would give me legal grounds to delay payments on the note etc until I can retrain the tenants and actually be collecting the represented rents?
Any other suggestions welcome!
Thanks – Tim