Over 90% of the houses on this street are free and clear and they take care of their community.  

I am ready to sink our retirement funds about 600k into this business so of course we want to be careful.

.  ;-)  Time will take care of you over the long run.  :-)

Always have the option of a cash out refi, since it's a loan it's not taxable.You'd have to plan around and be careful with a 1031 though ...

So, be careful and make sure you triple your repair budget/rehab expense.Don't get me wrong, if done right, these can be cash cows! 

@Aarti Bambha Be very careful about searching by zip codes in Indianapolis. 

Just be careful.

I don't really care about the difference between the lot rent and POH because, from the park's point of view, the owner of the the 20 POHs is just another tenant, even though the the owner is the same.MHs have a "Blue Book" value which makes valuing the "POH rental business" pretty easy.

Be careful so that we're not doing "deal making in the forums" For us, we sold the manufactured home we remodeled in La Pine after one day on the market.

well  before you work with Jack you should treat him like a tenant..pull a credit report and run him through a criminal and general background check.if he balks you have your answer.it always amazes me that folks will jump into these large partnerships with a ton of risk and not even do the basic background on the partner.but rent some 12 dollar an hour person your rental and you would never do it without doing the above.now most folks will jump on here and say brilliant things like RUN  LOLbut lets be pragmatic here and just check the guy out first.. then when you have that info.. go from there.Also be careful on how you deal with the bank you don't want to put in a fraudulent application..