I simply enlightened you of the reality outside that eco-chamber.  

In short, he could simply not return the money or the profit by saying that he had reasons of force majeure, without clarifying any additional details.

If you are near the end of your journey and simply looking for stability and low overhead then I could see paying off mortgages, however that is not the most adventegous from a wealth building perspective. 

God bless you all and have a Great day   

Depending on the neighborhood, there simply might not be a lot of demand but I would not get discouraged.

I wouldn’t get a 15 yr mortgage, even if that builds equity quicker because you are simply putting more dead money into your property.

Water leaks, problems under the trailer ie insulation falling, a tub cracking, a new roof, frozen/cracked pipes (usually in January- and plumbing companies simply will not respond to mobile homes), rotting siding, bad exterior doors etc. 

As long as you specify the bank name, address, and interest rate in the lease, you're meeting the legal requirements.To avoid the hassle of having to have the tenant sign the lease twice, you can simply leave the account number blank in the lease and note that the deposit will be held in a specific account at a designated bank.

Keep in mind that a rule of thumb is simply a rule of thumb. 

@Chris Johansen I believe the part you're missing is you are not "simply loaning him money" under the new iteration of your partnership arrangement.