5 acres available for possible mobile home park
A family member owns 40+ acres of land just outside of Amarillo (about 10 minutes outside the city). A consideration is to sell off about 5 acres of the land. They know I'm doing some real estate here and there and asked what might be a good solution to use some of the land. There is a house on it which is currently not occupied. I remember listing to a podcast a few months ago about mobile home parks being a good cash flow investment.
One suggestion I made was to seek out a partnership agreement with another investor such as a mobile home developer. This way, the investor doesn't have to buy the land but both the investor and the land owner gain the benefit of cash flow without having to put out a lot of money upfront.
Would greatly appreciate some feedback on some various ideas for what would be the "highest and best use" for the land. Thanks.