I have been looking at a property that has a total of 68 spaces and 59 of them are occupied. Of those 59 there are 30 that are park owned rentals. I have received financials and the rental income is not figured into the price of the park. Also, there is a maintenance person in the park that takes care of all the maintenance for free lot rent and a little extra. Doing the math after expenses and a loan payment I could clear about 5k per month. What are the pitfalls associated with this scenario? Could I purchase the park and start turning those rentals into tenant owned homes by financing them myself?
Thanks,
Jeff