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Updated about 4 years ago,
Separating Mobile Homes from Land
I am purchasing a 12 lot MHP and the park owns the mobile homes attached. I want to get advice on how to go about separating the mobile homes from the lots at close. Ideally, I would have the mobile homes owned by an LLC and the land owned by another LLC. I plan to sell the mobile homes to the tenants or empty ones to another buyer in order to decrease the park's expenses AND have just income producing land (which would be better when it is time to refinance).
If you have done this before or have knowledge, what are the steps needed to separate buildings and land at closing?