Say youll give him 5% equity/profit if he loans to you for 2 points and 8% or 1 point and 5% , whatever you guys feel comfortable doing. 

Feel free to reach out. 

I feel like lenders don’t want to touch manufactured home or the loan amount $200k is too low?

Feel free to message me and we can discuss further! 

I feel as if this investment might be a gamble with this open permit, considering it most likely has to pass inspections before the permit is closed.

That sinking feeling when you win and no one else bid etc. like "uh oh".For the original poster, some thoughts to sell might consider seller financing as clearly this is not going to sell to owner occupant.

I  took over the business over 2 years ago, so now I feel more  comfortable to venture out and seek more.

It  was quite inexpensive so I feel good about that, BUT  I have two concerns and would love some perspective and insight.1- The prior owner of legal record has died. 

If you ever want to hop on a call to pick my brain feel free to reach out!

Plus, all your docs will be organized, so it won't feel like such a pain point.