I am looking at a park that has a few Tenant Owned homes that are subleased and have the same “quirk.”
The Sublessors have a good history paying lot rent directly to the Park, but the Park Owner does not have any leases in place for these specific few - and has never seen or heard of the Owner of the mobile home since they acquired the park 5 years ago.
The concern is that these tenants could be glorified lot-rent-paying-squatters and the mobile home owner could decide to come back into the picture and claim some liability against the Park (though I cannot think of what liability exactly) - the Park has no visibility to the arrangement these Sublessors have with the mobile home owners.
I would hate to give notice to paying tenants just to take ownership of these homes, but seems like the current ways of working is not a common arrangement… My gut says check with a qualified attorney, and aim to formalize a Land Lease with the Sublessor before Closing. If they move out and the home is subsequently abandoned then the Lease will be in arrears and can take ownership through the State of Texas process.
Anyone have war stories to share like this, or recommendations how to cover myself as part of the feasibility period?