Illinois has special laws for mobile home landlords and tenants.
http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2209&ChapAct=765 ILCS 745/&ChapterID=62&ChapterName=PROPERTY&ActName=Mobile+Home+Landlord+and+Tenant+Rights+Act.
My read of the Illinois stuff is that you have to offer them a 24 month lease or they have to agree to month-to-month or you have to give them a statement acknowledging they were offered choices and they didn’t sign anything. Your 24 month lease can spell out a rent increase between year 1 and year 2. My good tenants jumped on the 24 month lease and my bad tenants didn’t.
I have also seen that you are required to give tenants a history of the last 5 years of increases and your plans for the next 3 years of increases. It can be a fixed amount, a not to exceed amount, or some formula. I have never done this in almost 3 years.
My tenants had NO idea about any of these requirements, so do what you want with this information. I think you need to get info to the tenants ASAP, they will be expecting change with the change in ownership.
I got into a hairy situation–well, straightforward eviction made complicated by an overly cautious sheriff–and the Illinois Manufactured Housing Association (http://www.imha.org/) was quite helpful to me. As small as my park is, it doesn’t make financial sense for me to join, but they had a board member call me who owned several of the biggest parks in my county and he coached me through the situation. You might look into it…