I was approached about a land home deal close to me, and debating doing it for fun as the home doesn’t need much work.
Recognizing that many people finance these to a Buyer using an MLO or Seller Financing for their 1 deal per year limit - I was curious if there is any reason the rent credit program would not work for this type of transaction?
So if I asked a 40K purchase price @ $700 monthly rent and 50% of rent is provided towards credits the Buyer will have the option to purchase the land and home after ~10 years. I could transfer Title through the local Title Company and then with accounting say I sold the home for 40K and 1031 that money into something else.
What am I missing?