I have a park under contract that has 50+ vacant Park Owned Homes. I planned to sell them all asap via Rent to Own. The seller 1st agreed to give me the titles to the mobile homes, then said he would only do it if I carried windstorm insurance coverage through the 10 year term of the seller financing and agreed to pay him 1/2 of any insurance proceeds for losses during that time, as the park is located in a high wind area. I had planned on getting rid of the mobile homes in 2-3 years. I don’t want to disclose to the seller how I plan to turnaround the park, but I don’t know how to structure the deal to satisfy the seller. As I understand it, if I give the title to the mobile home buyers in 2-3 years, I would no longer have an insurable interest in the park. Any thoughts on how to structure this.
Also, this begs the question, how do you get a Seller to turnover the mobile home titles up front, without any conditions and not retaining a security interest in them.