Entity setup and asset protection will vary with the needs and desires of each investor.
In most cases, a LLC is the preferred vehicle for park operation. The paperwork is not as burdensome as an “S” or a “C” corporation.
As far as owning the properties in a Land Trust, there is nothing wrong with that. Most people use a Land Trust to hide true ownership. Therefore, you would definitely want someone or some entity other than your son as the Trustee. A trusted friend is usually who most people task as the Trustee.
One thing you definitely don’t want to do is own the parks in your personal name. This is dangerous.
I’m hosting Dyches Boddiford on our May teleseminar (Thursday, 18th) and we are covering this very subject of asset protection for mobile home investors. It’s free, why don’t you join us.
Dyches will also be teaching a session at the Mobile Home Millions in Orlando next month on entity selection and asset protection and he will be available all weekend to answer questions.