Found a 5 Unit but I don't know if it's the property for me

[Jeromie Williams]

So, I found a five unit property that is listed at 250k but looks like it needs some cosmetic work done to it. I just got back from the open house and I saw that the owner was kinda neglective. The units weren't kept in the best conditions nor were they updated but it's livable becuase it's fully leased out. So I came on BP to ask how do I know on a buy and hold when im upgrading a property when is to much money to invest. 

Lastly, the realtor told me that the seller would be open to selling the LLC that owns the property becuase he isn't worried about making money off the deal becuase the outstanding loan amount is about 230K.
 

[Charles Carillo]

@Jeromie Williams

A couple things; first if you are planning on purchasing an LLC that holds a property or any other creative financing situations, I would speak to your real estate attorney first.

Secondly, I would not recommend a heavy value-add renovation (you mentioned it seems to be barely livable) if you have not done a project like this before. Heavy renovations should be for investors that have completed a handful of smaller renovations first; if you have, I would start getting estimates from your contractors and vendors and work from there.