'The only true one-and-done asset' — here's the passive income gig one investor says can net you $40,000 per month

The real estate game is what helped put financial guru Pace Morby (3) on the map. Morby, a property investor who hosted a house flipping show on A&E, recently talked about his favorite "lazy" income-generating real estate asset on a business podcast.

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Speaking to Graham Stephan and Jack Selby of the "Iced Coffee Hour," (4) Morby touted RV parks as the property type that has made him millions in passive income.

"There's almost no management, the manager lives onsite and there's basically nothing to fix because it's mostly gravel," he explained, contrasting the ease of maintaining his RV parks to the much greater demands of maintaining his apartment portfolio.

In his experience, these campsite properties can bring in $30,000 to $40,000 each per month, even after expenses, including loan repayments, and all with minimal oversight. Morby said it's more than he makes from his car washes, venues, rental properties and other such holdings.

"I call them the only true 'one-and-done' asset," he told the hosts.

Much like franchising , RV park ownership may not be the most captivating or prestigious endeavor, and thus may not be on most people's radar at all. But if you have the means to buy an existing park, it can be a consistent, dependable, low-effort money maker that's AI-proof to boot. But that's a big can .

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Like almost all business ventures (aside from those ebooks and online courses), the path necessitates some startup costs — and they aren't insignificant. But Morby has some creative ways around them.

The main roadblock for most is the upfront price tag of the land, which typically runs for $3 million to $7 million. Morby's method for tackling this hurdle is one of his most famous, though perhaps not one everyone has the stomach for: purchasing on seller finance.

As stated in other conversations (5) he's had about this strategy, slowly repaying the seller back over time, as one would a lender, can allow the seller to bypass banks, real estate agents and the open market, secure the price they want and divvy up capital gains (6) over time (which can reduce the amount paid due to progressive taxation), all while receiving steady repayments. For the buyer, going through the seller may make it easier to obtain a property they would not have qualified for through traditional financing, and they can also get a deal closer to the terms they want.

In the case of RV parks, the deed for the land is transferred and loan terms drawn up, which include the buyer taking over operational costs. The seller can agree to cover the entire loan cost (minus the down payment) or a portion of the loan, with the remainder covered by a commercial or investment loan the buyer takes out.

While it's not the traditional path, others in the sector say it's something they've seen used successfully before.

"It's totally possible to get seller financing on something like a commercial asset," says Ryan Dossey, a veteran of the real estate investing and brokerage space who co-owns property selling platform SoldFast. "A lot of RV parks are owned by folks in their 50s, 60s, 70s or 80s who are going to want to retire at some point. It's totally possible to get straight owner financing for one of these."

But he says this model works best when there is no outstanding loan on the property — or, if there is, that you can either offer enough of a down payment to cover it or are able to legally assume it.