I attended the MHM6 seminar in Austin and also bought Mark Warda’s book on land trusts. I already own a couple of small properties as a private individual and would like to change that into something that would offer a little more insulation from liability.
Do you experienced park owners feel that LLC’s are the way to go, or do you utilize the land trust. The trusts seem a little complicated to me and certainly I do not feel confident trying to use the forms in the back of the book. There was also a sentence in the book that concerned me where it said the trustee might be able to unethically remove the assets from the trust and the beneficiary. Any insights??
Also, in a situation where all of the mobiles in the park are owned by the tennants, where is the best chance of securing liability insurance to protect the park and the park owners. The properties are in Florida if it makes a difference.
Your comments and expertise are really appriciated. Hopefully I will be able to give back at some point after I graduate from the school of hard knocks.