I am hoping to get some advice on buying investment properties that are known to have lead paint present. I'm buying in the Hudson County, NJ area for any of you who know the specifics of this market.
My question is how do you treat this? I know there are waivers you can have signed and notices you must give on this but is it to big of a risk to even take on or is it easy to deal with? I'm curious to know any legal situations that any of you have dealt with over dealing with a lead paint property? Is the liklihood of a lawsuit pretty high (obviously more when children are involved)? Can tenants get around the waiver in a lawsuit?
Lastly, how difficult is it to get rid of? Do those of you who buy homes with lead paint present remove it immediately or just get waivers signed and remove when you are turning over the apartment?
Appreciate any and all insight even from out of area!