So I’m in contract on my first park, and getting a little less excited about it the more I learn. I’ll post about that separately, but here’s what I discovered during my on site walk through …
There are 3 Section 8 tenants in the park. They all live in the same corner of the park. One is great, one is always behind on rent, and one is always on time with rent but a real headache.
The one who is a headache (but pays) is supposedly going to sue the current owner due to a ‘mold issue’. She allegedly has a history of similar lawsuits. The owner says his insurance will cover it, although I’m pretty sure this will still be ongoing after closing.
The current owner is planning to move her from the moldy trailer to a newly rehabbed trailer. Her lease is close to expiring, and they have indicated they are going to sign her to a new 3 month lease.
My goal is to transition out of Section 8 and have no POH. My questions are:
Should I be concerned about the lawsuit against the current owner? (I assume not).
If I non-renew her lease after the new 3 month lease is over, am I opening myself up to a lawsuit? (I don’t think so since the previous owner signed her lease and I want to sell the home, not own it)