Although we have a good business relationship, I want to protect myself and make it formal by creating an agreement so that the terms are clear.

However, those that I've attended mostly require formal identification.

For example, I help people get turnkeys all the time and I'm a licensed real estate agent, but I don't put myself formally on the paperwork as the buyer's agent.

Some precautions to consider:- Make sure the person who is the borrower of the underlying bank mortgage fully understands the implications  of a wrap, as well as the buyer- Consider a 5 or 10yr balloon note (vs. 30yr fixed) if you are worried that the seller may have 2nd thoughts down the road- Buyers should need to bring a significant down payment to the deal so that they have skin in the game- If your state allows a Deed of Trust for the wrap note, I suggest using that document (vs. a Mortgage) as it will put a lien on the house allow the Seller to pursue a non-judicial foreclosure if the buyer does not perform.- The home insurance after the sale (the new owner is the "insured") should retain the name of the previous owner(payor of the bank note) on the insurance as "additional insured" so as to not set off any alarms with the bank.- Use a 3rd party loan servicing company to collect all mortgage and escrow payments and make all appropriate payments to the bank lender as well as seller finance lender.   

If they have established residency in the home, which clearly they have, you’ll need to go through the formal eviction process.

@Daniel Brown Yes, some banks will HELOC based on your tax assessment after the house has been “seasoned” lived in for 1+ year.While this would save you the $500 appraisal fee, it likely won’t benefit you in this case.You want a formal walkthrough / appraisal.

I have been a part of BP for awhile now and although I have met a handful of you, I have not made a formal introduction to the MHP owners, sponsors/syndicators, and fans of mobile home parks here on the platform. 

Did you formally interview your agent, if so what questions did you ask?

I'm told the formal approval process (confirming income/property equity etc) will take 4-6 weeks though so we'll see!

As you gain more validated information, like during due diligence or formal property inspections, you can adjust your numbers accordingly.