I am currently under contract on a small 10-pad park just outside of Madison, Wisconsin. Park has 10 POHs that are being operated as rentals and they are in very rough shape. They’ve been neglected for years and I would argue some are not even safe for habitation due to severe holes in the ceilings, floors, etc.
I initially planned to just gift these homes to the tenants if they are in good standing, but I’ve had some second thoughts about the morality of gifting a home that is “uninhabitable” in my opinion. Other alternative in my eyes is to kick all the tenants out and start fresh by renovating all the homes and bringing in other homes if needed, but not sure I have the time, energy, or capital to tackle that approach currently.
How would you handle this situation?