A buyer does not need a tax return to buy a park but it is a tool as well for banks to determine risk. Even banks deposits can be questionable if owner has multiply parks and when I told a bank president a smart seller might even OVERSTATE income on a tax return he just smiled. When buying there a major risks even for seasoned owners. In the last two year have walked from 5 properties during DD even thought the banks would loan, since we recognized questionable future profit problems and infrastructure ??. Presently the market is in a bubble as per multiple brokers who have more than 20 years of experience will indicate if you are a good listener. Show me a good deal and there are 10 buyers waiting or in this case tell me one that is a great deal (we have cash) or someone trying to assign a park of course for money. We are in a SELLERâs marketâgreat time to sell!!
I also feel that people should always consider the cash deal in their back pocket⊠Meaning everyone is so hung up on financing and often times its a hinderance. Go out there, partner up, get the cash together and buy the deal (you still have to get comfortable with your perception of the risk). I think this is underplayed in parks⊠I think its going to continue to change but if you bring cash to the table you may be able to purchase at a discount ( just make sure your returns reflect it ) and keep in mind and exit but you might have a lender that will refi once seasoned etc.
Ask for estoppels from tenants. My bank approved loan with the estoppels signed by each tenant, which gave rent amount, lease agreements, deposit info and if any rent was past due. I required all tenants to give me their phone #'s as well.
Interesting approach!
As for irs form 8825 I suggest you to use https://form-8825.pdffiller.com/ to fill online and send directly to proper jurisdiction.
I like your bank, that is for sure.