I am going to pursue my first MHP in the upcoming months and will most likely look at deals out of state. I would like to be very thorough with the diligence being that this is my first deal and could make or break my future in this business. It seems that you have to be around the park through most of the diligence to meet with people and get info organized, I don’t see how one would handle it from out of state so I was thinking of doing this…Let’s say the seller wants $2,000 in earnest funds, I would offer to pay one months rent on a vacant park owned home and give the difference in cash as earnest funds. I would then live in the park for the month while I check things out. This would allow me to become real intimate with the park and it’s daily operations. I am planing on living in the park I purchase and handling management duties myself for the first couple months so I would be moving into said park anyway.
Are there any problems that could arise from such an arrangement? Does anyone have a better way of handling out of state diligence?