My wife and I live in Missouri where were are going to be taking over a family owned MHP. We are going to be putting the land, assets, and park in our name and start getting it back into shape. Her family still lives in the main home (surrounded by the mobile homes) so should we re-platt the land to keep that home separate from the rest of the park land for protection in the event of a crazy lawsuit, etc? My plan is to create an LLC for the park and the land separately from their home. We do not own any of the homes on the property, they are all tenant owned and we just collect lot rent.
My 2nd question is, due to a previous family member not taking care of things properly, their is a fairly large sewer bill judgement (30-40k I believe) against two members of the family from 5 years ago that has never been further addressed by the family or local officials…will this prohibit signing things over to us or will we be able to work out a plan to repay that overtime?
Lastly, will we need “mobile home park” insurance if we just own the land, etc (I assume so), and if so does anyone know who I should call for that in Missouri and what it runs ?