Hi all, I'm hoping some one here can provide some guidance. I've inherited my father's house many years ago but have not lived in it or rented it out. Since acquiring it it has needed work and is in disrepair. I don't have the money or the credit to renovate it or to pay the back taxes owed. I would like to keep it and finally use it as a supplemental source of income which doesn't seem possible now. Aside from cutting my losses and selling the property, what are my other options? Ideally, if I had the money, I would renovate the house and rent it.
Selling as is would be my first choice. It will hopefiully give you enough cash for a down payment for a move in ready investment property.
No point in wasting money you do not have polishing a tu*d.
I understand. Thanks.