Manufactured Home Rent ot Sell?

[Daniel Mahaffey]

Hello all,

I recently acquired a 1584 sq ft, 3 bed, 3 bath manufactured home on 1.5 acres of land in NC. I purchased it with a partner for 57K. We put an additional 22K in renovations in to it and now can sell it on the market between 170K and 180K. I'm thinking about buying my partner out and making this a rental property. The neigbor has a smaller home and is currently paying 1475 a month in rent which I think I could probably get around the same. There is still a few things that need to be completed in the near future like new windows probably 5K and minor deck repair around 300 to 500 dollars. The home is also on well and septic. There is about .45 acre of the property that I could build another home on in the future. I have about 41K tied up in cash into the home and would have to give my partner his investment and the profit he wants for me to buy him out which is around 82K. Not many banks will do refis on manufactured homes so I was think of doing a HELOC against my primary home to give him the 82K. Fixed interest rate would be 4.25. Should I rent or sell?

Thanks,

Danny