Need advice regarding land with uninhabitable mobile home

[Elizabeth Lipka]

Hello All!

So I'm still a newbie. We have one SFR bought in 2020 and are under contract for some land that happens to have an "uninhabitable" mobile home on it. This is the issue. The mobile home is not titled to the land and the seller still has a loan on mobile home which is encumbered cause it's attached to the land (hope I am explaining this so it makes sense). We are dealing with a land loan company that may not be able to give us the loan for the land unless they can structure a contract stating that mobile home comes with the property but has no value. We want the mobile home. We plan to gut it and repair/remodel and then turn it into a rental. Do we have any options? We are in SC. Also, the mobile home is a 1998 doublewide 4 BR 2 1/2 BA. We would put it on a foundation. I don't believe we could do hard money since we have not ever done that before. Any advice would be really appreciated.