Have a woman in the park with a 1995 14x70 in great condition. She has asked me to buy her home as she can no longer afford it and will move into subsidized living for the disabled. She owes $16,000 on it. It is worth about $16,000. It doesn’t make sense for me to buy it at that price. She is seriously thinking of declaring bankruptcy to get away from the payments.
She suggests I take over payments of $125/mo rent it out and give her a little money and keep the rest. It would rent for $700 including $260 lot rent. Give her $50/mo and I’m cash flowing $525/mo before expenses. More important it keeps a home in the park. But to me it is like borrowing money to buy a home to fill a lot. Not good. Any ideas on how to keep this home in the park?