I’m about to go in contract for a small park in Texas (first purchase for me).
The park consist of a single home on a large lot, and about 24 MH Spaces ( 13 currently occupied).
I am planning on using a Self-Directed IRA and a 401K loan to pay the down payment.
For tax purposes, I’m planning on separating out the house under the IRA, and the MHP portion under the conventional business ( non- IRA).
This will allow me to both better use the current IRA, as well as establish a small current cash-flow with the MHP.
I believe I will create two separate LLC for these ‘properties’.
I don’t have quite enough capitol to not use the IRA to have the 20% down payment.
Any thoughts? Has this been done by any one?