Manufactured Home - Bank Financing - On Owner Financed Lot

[Julie Taylor]

Hey, BP Friends,

Advanced apologies for the length of this post.

I'm looking at a subject-to deal on a double wide in NC that has been vacant for YEARS. The current owners have a bank mortgage on the home itself, which is still considered personal property. The home sits on a lot that is owner financed by the person who developed the neighborhood. They have consistently paid both the lender on the home, and the land owner. It does need repairs, but the numbers are good. This is an opportunity to help the owners with a significant pain point in their lives. Because of the area, condition, and current market, I can exit in multiple ways (wholesale, flip, rent) with some cash in hand. 

I know the home will need to be reclassified as real property in order for most buyers to obtain future financing. I just want to make sure that there are no other weird things that I need to watch out for in this deal. I'm hoping that some of the friendly BPers who deal with manufactured homes will offer advice, tips, resources, etc.

I'm also looking for contract guidance (samples, anyone?) as a starting point, which I will put in my toolbox to meet with the RE attorney.

I am appreciative of any helpful nuggets the experienced MH investors in the room have to offer. 

All the best!
Jules