I have a few questions
A friend of the family owns, free and clear, an abandoned SFH (1200sqft 4bed/1bath) in need of gut rehab. Currently 5 years behind on taxes (~10k in taxes owed). He wants to give me title to the property. How can I to tap into the equity after the property is fixed up and rented out if I have no proof of income? Can I use a HELOC/Cash-out ReFi to pull out my cash invested in the deal without proof of income? Should I put the property in my name for loan purposes then transfer it to my llc after I tap into equity? A few reasons I don't plan to fix and flip is I'd rather the 1)Passive income 2)Appreciation (The Obama library will be ~7-10 minutes away from the property) and 3) The property is free and clear
This is my first deal and I’m really trying to figure out the best route to take before I commit fully.
Thanks in advance BP family!