If your buyer is not a cash purchase and they need financing,  than you will need to be able to provide operating statements, rent roll, tax returns etc. showing a history of the property cash flowing. 

That means the home owners are not getting chattel loans but a mortgage loan because they are also either:Buying the ground directly underneath the home;or, they are buying a common interest in all the ground.Those types of loans should only be made by an experienced lender who have some type of operational agreement with the community and the management company.Resident owner communities often sound like a very good deal for the residents, but more often than not, they would have been better off if the community was owned by a for profit landlord.

I only cared about getting the space back on time for the new tenant and in a condition where the new tenant could move in and begin operating immediately.This required a lot of additional work on my part, and I executed these re-lease subleases for no fee, but it solved a business problem for the client and he was always glad to hear the course of action led resolving a business problem he wouldn't have to spend time addressing.In return for my efforts, I got to spend a tremendous amount of time around a brilliant business mind.

Draft an operating agreement with all the stipulations you each want.  

Property management – does anyone have experience with a property management company who operates in the area. could you please share your recommendationsWhat kind of ROIs and Cap rates should one be benchmarking to in this neighborhood of Newark Experienced Newark Investors - @Ibrahim Hughes, @Steve Wilcox, @Angelo Mart, Others – do let me know what you think about Upper Vailsburg and ideal returns here.

Assume that the operating agreement states that the equity split from LP and GP changes from 80/20 to 50/50 after payback.

I could see how cash and fixed interest debt could hedge your bets, but also increase your operating expenses and risk in a potentially highly volatile environment.

Also, does anyone know of any good contractors who operate in the area who are honest and perform well?

If you are ever in the Chicago area hit me up and I will show you how we operate! 

With the Checkbook IRA LLC, the IRA itself is at the back end and simply owns an IRA for which you can have signing authority and operate out of a bank account of your choosing.Again, if the IRA will have equity in the flip, then the IRA is engaging in a trade or business activity as opposed to passive investments such as hard money lending or rental income.