Some input: $500 per month housing is a great start - I’d work on putting as much of that payment as possible into the dirt instead of the home. Now its 350 home and 150 dirt - I’d consider making less of a profit on the homes and put more of the payment into the dirt.
Let’s assume the dirt will sell in the future for a 9-10cap.
Let’s assume the notes are only worth 18-20% to a note buyer.
An extra 100 per month in dirt = 13,333 increase in equity.
Losing 100 per month in the home over a 10 year note at 12% = 6970.
By putting the money in the dirt you gain $6362 per lot in equity.
You may actually want to lose money on the homes for a nice write off while banking big equity in the land. All depends on what your market will bear and how good you can sell.
This tactic also helps “re-align” your current residents thinking because you are giving them a better deal then the new people. And when its time for lot rent increases you can show them that market value has been established by the new people allowing a potential 13K equity jump per lot.