Greg
This sounds like a great opportunity.
Always ask yourself, “What would Jack Miller do?”
option 1 – find a money partner or private lender
option 2 – control without ownership.
All sellers want cash. But one of our many jobs as creative real estate investors is to show them how they can get what they need without getting cash. Show the benefits of selling a different way (like installment sale). Show the benefits of them maintaining ownership and just letting you lease the park with an option to buy later – perhaps when there is a better tax advantage.
With that in mind, what if you got an option to buy the park with seller financing and favorable terms. CONTROL. Then you sold 50% of your option to the person who would put up the cash in exchange for you doing all management and maintenance. If you have an option contract, you have something valuable to sell. Anyone who needs to do a 1031 exchange FAST would be a good candidate. Contact all 1031 facilitators to see if they have a client that is a good fit.
It would be even better if you could convince the seller to let you lease the park with an option to buy later. Then you don’t have to split profits with anyone.
Every seller wants cash. But often, for investment properties, what they really want is to not have to deal with it anymore. You can be the solution.
