I would consider looking for a 2-4 unit so you can at least occupy (1) unit and collect rent on the other unit(s) and at the 6 month mark evaluate your LTV and situation.

You can also collect rent inside of these, direct from their bank account.

My quick math is if I'm collecting $75 more per booking at a conservative 40 bookings per year that's $3000 in extra revenue. 

His reply was that he sold the units, not the right to collect the interest.

I am currently looking at opportunities to enter into the MH/Month-stay RV park space, and am wondering if there are recommendations for rent collection software that is specifically tailored? 

I will essentially be managing the entire property/collecting rent and my friend will not have to lift a finger. 

Hospitable will calculate and collect taxes for you.

Money down the road from a historically steady 10% increase in stocks that you will pay taxes on to collect, or immediate cash flow with tax advantages and an annual appreciation of 3-5%.Feel free to dm me if you would like to chat more on the subject 

So, we obtain a full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc. to build an overall credit evaluation.FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyPublic RecordsWe also obtain data from national databases about evictions, convictions and sex-offender histories.

If it was me I would give them the 1000 and have your lawyer write a release of all claims as to the water.. and probably not renew unless other wise they are great tenants.. but if your already asking for pre signed checks sounds like collections maybe an issue as well.