Posted by Rainy on December 30, 2000 at 11:28:44:
SELL SELL SELL Take the money and run! 
Rainy
buying a mobile home - Posted by Peg Gabel
Posted by Peg Gabel on December 27, 2000 at 18:48:35:
Question is: I am buying the family Mobile home from my parents. How do I do this in a smart way? I’ve been advised to just transfer names, since my name is the same. This would avoid taxes. We live in California and the unit is in Arz.
Would this be a yearly write off? We are planning on renting it out for weeks at a time. Should I incorporate?
This is all new to me please help if you would. I’m to do this transaction this week.
Thanks
Re: buying a mobile home - Posted by Tony-VA
Posted by Tony-VA on December 28, 2000 at 05:06:33:
This investment sounds like a nightmare in the making, but perhaps I am missing something.
Owning a mobile home out of state can be hazard enough. Renting mobile homes can be very high maintenance. This is compounded by the fact that you intend to do weekly rentals.
You wrote: “I’ve been advised to just transfer names, since my name is the same. This would avoid taxes.” You may want to reconsider this advice and the experience/business practice of the person who gave it.
I am all for legal tax avoidance but be sure that you do so legally. Playing the ‘same name’ game may or may not save you taxes but it may put your parents in a pickle if someone should ever sue for damages or injuries incurred while at that property. (This may be why, as you suggest, a business entity may be something to consider as well).
I may well be mis-reading your post. I hope you take my reponse simply as a critic of the possible negatives. It is not intended to damage your investment ideas.
Best Wishes,
Tony-VA