Those deals are extremely hard to find and usually only can come by extremely wealthy people who have the ability to throw down 500,000 to 1 million in cash and not even realize it’s gone.  

And, aside from the wealthy parts of the OWE, there are few wealthy people living in the city limits anymore. 

You get paid an acquisition fee upfront and an asset management fee to live on and you get a percentage of a multi-million dollar asset to make you wealthy.

Having a property that meets your IRR targets and also offsets other taxable income is a common strategy, particularly for the wealthy.  

Fast-forward 13 years to this past week, I was picked up in a private plane and flown to California to meet with a very wealthy family to discuss a real estate investment opportunity.

Will continue to research but wanted to know your thoughts on this setup vs the empty lots and bring your own RV (I imagine you have to foster a community and culture and trust over years when there is no permanent infrastructure in place so it might negate the smaller start up cost). 

How familiar are you with the culture?

If she has any intention of going into any assisted living home or later going to a nursing home and if she is not wealthy with tons of insurance (most aren't) then she will have an issue with asset determinations to qualify for benefits.

It's been on the market for "a while," and the price has gone down considerably, but the place has not sold.The agent says that the owners are very wealthy and not hurting for money, or motivated at all.

Also important to get to know the property manager and their culture.