Proposed creative deal
The potential partner just proposed an interesting deal for me to get in on. He owns a piece of land in estil county it has septic and electrical in place. I would purchase a double wide for between 80-90k all in on a block foundation. Proposed list price of 200k A piece of property sold across the street at roughly $162/ft². Land is 1 acre. Thoughts? I am currently awaiting comps in the area to show support of this selling at the 200k. I really just do not want to get burned. I realize an alternative exit would be a cash out refi which I would need to keep the all in price at $140,000 to pull all of the money back out of the property then we co-own a double wide rental.
Thoughts?