I put an offer on a park that has a current loan at a great interest rate. The sellers agreed on the sales price but the loan is not assumable. The story on this property is that there were 3 partners who bought it 10 years ago. One owner was to be the hands on partner who would handle everything and the other 2 were just silent partners. Well the hands on partner got taken down buy other RE investments and had to sell out to the 2 silent partners. Now they’ve been stuck with this property that they don’t have a clue how to manage. Since they took over the property has spiraled downhill.
They would like to do a lease option or have me come on as acting partner and they go back to being silent partners.
Any ideas from people who have done a deal like this on whats the best route to go? What to look out for in a lease option and what to make sure is included in a lease option? Thanks in advance for all the great help in the forum.