Guy wants to bring some homes in the park. He will purchase the home, cover the cost of bringing it, repair and refurbish himself. He has the carpentry skills and financial acumen. Home would likely be rented with an option to purchase.
How can we structure a deal that benefits and protects us both?
- Park buys the home from him, pays on a note secured by the home?
- Personal property trust?
Example: Cost of home including move and set up is $8000. Park agrees to buy for $12,500 to be paid $2500/yr over 5 years. At end of 5 years, option to purchase tenant gets home (or park retains), investor has a 9% return.
Some tenants will leave and the home will require repairs. Need to provide for that.