Title issues on newly purchased park

[Shaun Stephens]

Recently purchased my first mobile home park and it has a ton of issues. The one we are talking about today is lack of titles for homes. We are working thru the abandoned title process, but have interested parties wanting to rent the homes and fix them up. I know several other park owners who just rent the homes without titles and go on about their business. But I'm pushing forward with trying to get titles. Just trying to figure out how to word it in a lease or purchase contract or what it should be called. I want to sell these as I get titles for them as I don't believe the park should own homes. I thought about something like a broken up payment for a net lease(Pay a total of $2,500 and then you get to live in the home and only pay lot rent as long as you're living within park rules). I'm looking for as close to ownership as possible, but unable to move from the park incase I can't get titles. I do intend to have the conversation with the tenants that I don't have titles yet and will work to get them, but would like to put that in writing somehow. Any thoughts would be appreciated!!