Under contract on a small all POH park. Month to month leases in different amounts (all within $100). One single lease to rent the home, no language around home vs lot rent.
Convert all to tenant-owned by gifting to current tenants and keep their rent the same with regular annual increases. Homes aren’t worth a lot (70s-90s models), would be easier to just gift than do a rent credit. However…if one of the tenants does not want to take ownership and wants to continue renting I anticipate a couple of routes that I would like feedback on.
Keep them on the month to month and start to market the home for sale.
Give them notice to move out so I can prepare the home for sale.
Have them sign new leases, one for lot rent and one for home rent, with a rent increase and just continue to rent to them.
Follow up question to Route 3, do you have separate home/lot leases? They are provided with the Bootcamp materials, but an a quick review of my notes and the home study course I can’t find anything about using separate leases. I may need to just reread the whole thing to give myself a refresher.