Mobile Home Park Home Ownership Program for tenants

[Johny Omaga]

Hello everyone,

So we are finally going to be closing on our first mobile home park deal in about a month or so, and had a question in regards to a homeownership program for tenants to take over their homes. We know that in most counties/cities you must be licensed to sell the home but in the case of a "home ownership program" we would plan on providing rent credits to the tenants, and at a future date when they've collected enough credits, we would just gift them the home, thereby kind of bypassing where we are selling it to them to avoid having to become licensed to sell. In a sense it would be similar to a lease-to-own, without having an actual sales price and no actual said contract. We've had no luck trying to find solid info on programs similar to this or templates on examples of such, so we wanted to reach out. And if anybody does have knowledge, if they could kind of go over some details of how their process works (i.e. do you take a small downpayment fee? Do you now have the tenants take care of any repairs? etc.). Thanks again for any responses :D !