I’ve been reading a lot here on this forum and am trying to learn more. I come from a SFR rental background and don’t understand how a park works. I know it seems like a stupd question but I guess this is a good place to learn.
How is a park protected if somebody doesn’t pay space rent? You can’t forclose on the home because a bank or private party might hold the note. Can you just have the home re-moved? Do typical eviction laws apply since you don’t actually own the “home” just the land under it. If the MH owner keeps current on their home payments, what keeps them from being able to “squat” and not pay their park rent?
Other question…Can you depreciate a MH if you use it as a rental? Since it’s not real property, my guess is no. This would limit the depreciation advantage of investment property to the park owned improvements and totally eliminate depreciation for land/home packages where the infrastructure is owned my municipals…correct?