Basic Mobile Home Park Question

[Bram Klein]

Happy Holidays All!

Looking to purchase a 1980's to 1990's park with about 15 pads. Walked through the park and most of the units are needing a full rehab. All home are park owned. Water utility is paid for by the park. Every two pads share a septic tank.

My plan is to buy the park, remodel and/or replace the units, turn it into Rent to Own opportunities once the leases come up. Transfer water & sewer to new MH owners in the park.

My questions are -

1) What is an average cost to submeter?

2) How do I transfer the cost/responsibility of the septic tanks to the new owners? Or do I get a cost to leave septic and tie the whole property in city sewer (if possible)

3) When analyzing the income of a property with older homes on it, do I just use a lot rent for value?

4) Last question, when an owner of a home in the park doesn't pay their rent or needs to be evicted and they OWN their home in the park, how does that work? Are they are expected to pull the home out within days?

Thank you for your advice!

Bram Klein