Vacant House Question...
We recently entered into a contract to purchase a property. The seller was moving from PA to NC and was motivated to sell quick. The property is in PA. We got the property under contract. Him and his sister were on the deed. She was fine with the discounted sale price.
After we had the signed agreement, the seller moved to NC. His sister lives in VA and the now-vacant property is in PA as mentioned.
Well, it turns out the seller was married when he bought the home. He is now going through a divorce, but his wife is not cooperating in terms of signing off on the sale. She is in NY. At this point the deal fell out of escrow.
So here's my question: What can I as an investor do with this property? I was considering doing a lease with him with the right to sublet, making some cashflow on the spread of what amount I negotiate with the seller and what amount I charge the tenant. The problem with doing this is that the property needs some repairs, which I am not willing to spend money on being that there's much uncertainty in regards to being able to purchase the home in the future. It just seems to be a shame to see a solid house sit there with no plan in place to keep it from deteriorating and eventually getting vandalized. Any suggestions?