For MHP operators and syndicators
CFO-level finance for mobile home park portfolios.
MHP CFO builds accrual-grade financial reporting for mobile home park sponsors — park-level P&Ls, clean cap tables, and investor packages that hold up under hard questions.
| Line | As booked (cash) | Accrual | Delta |
|---|---|---|---|
| Lot rent revenue | 418,200 | 402,750 | (15,450) |
| Prepaid rent (deferred) | — | (22,400) | (22,400) |
| Annual insurance premium | (14,900) | (3,725) | 11,175 |
| Property tax accrual | — | (37,100) | (37,100) |
| Infill capex booked to repairs | (48,600) | — | 48,600 |
| Portfolio NOI | 354,700 | 339,525 | (15,175) |
Both columns are honest. Only one of them compares to last quarter — or to the pro forma you sent your investors. Figures adapted from a real portfolio, disguised.
Six things I do for MHP sponsors
Scoped as ongoing work or as a defined project. Most engagements start with the close and the accrual conversion, because everything downstream depends on them.
FoundationFull accrual-basis accounting
Convert the books so periods compare to each other. Revenue recognized when earned, prepaid rent deferred, taxes and insurance accrued, capex separated from repairs and depreciated correctly, seasonal work spread across the months it covers — at every park, the same way.
FoundationMonthly close and cleanup
A real close calendar with a defined end date — built into your team's task system (Asana or your tool) as recurring weekly, monthly, quarterly, and annual tasks, reviewed together every week. Standardized chart of accounts, reconciliations, and a package that lands the same week every month.
InvestorsReporting and distributions
A quarterly package that measures actual performance against the original pro forma, deal by deal — the report almost no sponsor sends and every LP remembers. Plus cap table by entity, waterfall and preferred-return calculations documented outside anyone's head, and capital account tracking.
PortfolioFP&A and operating KPIs
Park-level and rolled-up P&Ls with income segmented into refi-qualifying and non-qualifying streams — so you know the NOI a lender will actually credit before the broker tells you. Occupancy, collections, expense ratios, DSCR, and 13-week cash, each graded against its target on a one-page portfolio scorecard, every month.
GrowthAcquisition underwriting
Recast a seller's numbers into your accrual format so the new park is comparable to the ones you own. Sources and uses, debt sizing, sensitivity on infill and lot rent — and a pro forma built in the same format your reporting runs on, so actuals track against it from the first quarter you own the park.
GrowthInfill cashflow management
Infill spends cash months before it returns any — homes bought, moved, set, and rehabbed long before the first lot rent check. I model the cash cycle per home, schedule purchases against a rolling cash forecast, and track every infill lot from commitment to occupied, so growth doesn't quietly starve operations or a distribution.
What you actually get
Services are promises. These are documents — each one built because a sponsor needed it, each one arriving on a calendar rather than on request.
WeeklyThe 13-week cash forecast
Thirteen weeks of cash by park, reconciled to the actual bank balance — outstanding checks and pending distributions included — so the forecast starts from a number you can defend, not a number you hope is right.
MonthlyThe close package
P&L, balance sheet, and cashflow — by park and rolled up, on the same chart of accounts, landing the same week every month. Inter-entity balances tracked and eliminated, so the portfolio view doesn't double-count.
MonthlyThe portfolio scorecard
Every park on one row: cash, expenses, DSCR, refi-qualifying NOI, distributions, and occupancy — each scored as actual against target, for the month, the trailing six, and the trailing twelve. One page tells you which park needs the conversation.
QuarterlyThe LP package
Actual performance against the original pro forma, deal by deal: distributions promised, paid, and projected; IRR to date and projected to maturity, measured against what was underwritten. When a deal runs behind, the package says so — and quantifies the path back.
OngoingThe refi readiness gap
Lot rent qualifies; home rents and fees fund distributions but won't anchor an exit. The books keep those streams separate, so you always know two numbers: the NOI a lender will credit today, and the gap to the target for your assessment window.
OngoingThe infill tracker
Every infill lot tracked from commitment to occupied, month by month. Planned homes set, sold, and rented sit next to what actually happened — and each home's cash cycle is scheduled against the 13-week forecast before the purchase, not after.
Many parks, separate investor groups, one set of books
An operator came to me running a portfolio of mobile home parks. Each park had its own entity, its own investors, and its own cap table. The bookkeeping had grown park by park, which meant a slightly different chart of accounts at every park — and no way to read the portfolio as a whole.
We standardized the accounting across every entity and moved it onto an accrual basis so quarters could actually be compared. Then every park got the same machinery: income split into refi-qualifying lot rent and everything else, a 13-week cash forecast reconciled to the bank, every lot tracked monthly from rehab to occupied, and each deal's distributions measured against the original promise — including the return the deal was actually tracking toward, not just the one that was underwritten.
The outcome that mattered wasn't the reports. It was that she could answer an investor's question in the moment — including the uncomfortable ones. When a deal ran behind its pro forma, the reporting said so, quantified the gap, and showed the plan to close it. That's what kept hard questions from becoming trust questions.
- Portfolio
- Multiple parks, an entity per park
- Cap tables
- Separate investor group per park
- Starting point
- Inconsistent, cash-basis books
- Delivered
- Unified accrual books, portfolio scorecard, LP packages
How an engagement runs
The order matters. Each step depends on the one before it, so this is a sequence rather than a menu.
Diagnostic call
Thirty minutes. How many parks, how many entities, what your close looks like now, and what your investors are asking for. You'll leave knowing whether this is a bookkeeping problem or a reporting-architecture problem — they get very different fixes.
Books review
I go through the current financials for two or three parks and come back with a written assessment: what's reliable, what isn't, and what it would take to make the portfolio comparable. Fixed fee, and it stands on its own if we go no further.
Cleanup and conversion
Standardize the chart of accounts, convert to accrual, and rebuild prior periods far enough back that you have real comparatives. This is the heavy lift and it has a defined end.
Ongoing close and reporting
Monthly close, portfolio and park-level reporting, quarterly investor packages, and distribution calculations. Your team runs the recurring task list; we review it together weekly. Predictable calendar, predictable fee.
Deal support as it comes up
When you're underwriting an acquisition or talking to a lender, the model gets built on the same basis as your existing portfolio — so the comparison actually means something.
Who this is for
Being specific about the fit is the point. If you're on the right column, we'll both know within one call.
A good fit
- You own or sponsor multiple parks across separate entities
- You raise from outside investors and owe them real reporting
- Your books are cash-basis and inconsistent park to park
- You're acquiring and want new deals to be comparable to what you already own
- You have a bookkeeper but no one doing CFO-level work
Not a fit
- A single park you operate with no outside capital
- You need a tax preparer — I work alongside your CPA, not instead of them
- You want day-to-day property management or rent collection
- You're looking for the cheapest possible bookkeeping
- You want the numbers presented a particular way regardless of what they say
Who you'd be working with
I'm Isaac Zaetz. My background is operational finance: hedge fund operations, work on the Lehman Brothers and General Motors bankruptcies, and — since 2016 — embedded CFO engagements for founder-run companies through my practice, Gelos. The manufactured-housing specialty grew out of one such engagement: an operator with a multi-park, multi-entity portfolio whose books couldn't answer her investors' questions. That work — the one described above — is the job this practice was built around.
I work alongside your bookkeeper and your CPA, not instead of them. Based in Brooklyn, NY; I work with sponsors nationwide.
Start with the diagnostic call
Thirty minutes, no pitch deck. Bring the number of parks, the number of investor groups, and your last month-end package if you have one.
Book a call