The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…

My family relies on our rental income so we are monitoring local and national laws.

I am working with the key logistics & infrastructure group for the SBA Lenders, banks, & others who are behind the scenes assisting in the colossal undertaking of these loans. 

*********Hello,We have been continuing to monitor the situation surrounding COVID-19.

Essential Infrastructure, Including:utilities including power generation, fuel supply and transmissionpublic water and wastewatertelecommunications and data centersairports/airlinestransportation infrastructure such as bus, rail, or for-hire vehicles, garageshotels, and places of accommodation3.

It does take constant monitoring though.  

As for employment, I work for the WIPP site, so unless we as a nation have decided to no longer monitor the only long term nuclear waste storage facility in the world, I expect to keep my job.

Great depression lasted 10 years. if we head towards depression hopefully we try to stimulate our economy with bridges & roads infrastructure & green initiatives. 

I live in Westchester County, NY, and I am considering taking a room in the corner of my house on the first floor and turning it into a rental.The infrastructure is already in place where I would only have to put up a few walls to keep it separated from the rest of my house, but it is a large room with a closet and bathroom that I would like to rent out.It may not be much but I feel like this would be a step in the right direction and a good way to practice being a landlord.My question is: What kind of tax implication would this have on me?

Who are you using for Fire Alarm monitoring and service in NJ or NY?