Would like some input on a deal I have. I have a 106 pad park in really rough shape that the owner will only do a 1 year, interest only, owner financing deal on. The reason it needs to be owner financed is the park is completely mismanaged and they have scattered notecards for income / tenant records. Obviously a bank would laugh at me at this point. HML’s have even laughed at the deal. Its a 2.2million deal sitting at a 14% cap
So my question is, do you think 1 year would be enough time to get the books straight (on professional management software) do as much stabilization as possible in that year, and then do a long term refi with a bank?