Posted by Tony Colella on January 22, 2005 at 11:37:34:
Land/home deals involve real estate and as such would be subject to the same type of strategies and forms used to lease/option (in this case) traditional real estate.
There are a number of quality courses here involving lease/option and other creative real estate investing techniques.
I would suggest you take a look at some of the courses here by Attorney Bill Bronchick. What better source to adapt your forms and strategies from than that?
Ernest and other investors use a triple net lease approach that they feel relieves them of routine maintenance concerns, addresses tax issues more favorably than a sale etc.
There are strategies within the lease/option technique such as using two separate agreements (a triple net lease and a separate option to purchase agreement) when selling via a lease option so as to reduce the likelihood that a tenant would think to argue equitable interest in the property which might result in you having to foreclose instead of simply evicting.
Forms are important and should be reviewed by an attorney in your area to make certain they fit the norm for your local court system. But having a form from the likes of Bronchick and others helps you from having to pay your attorney to draft them from scratch (or boilerplate).
Tony