I was going over the forms from the library, and there is the form for the Mobile home lease for the rent credit. It says to total the lot lease and the home lease. I would think the best way to do this is do one lot lease and then the home lease. The home lease payment should only be for the home part of the lease , and not the lot and home combined (even though the lease says it). As the sample lease in the library is 12 months , by running two separate ones, you can keep them consistent on the rent bumps for lot rent. Any other thoughts or am I missing an angle here?
Legally you are involved in renting two separate entities. One being the land and the other the home. There should be two separate business entities and two separate lease agreements. As the owner of both park and home the lease for the land would only be on paper for accounting purposes.
The tenant is in reality not renting the land they are a sub lease tenant that is only renting the home.
We always have our residents sign two leases. Further, we have two separate LLCs for each entity (land and home) for reasons of asset protection, and to keep our books straight and separate. The leases are with each LLC, respectively.