Hi BP community,

I came across a seemingly complicated deal. Here are the details I have:

6BR/6BA Mansion with outdoor firepit, massive EIK, every amenity imagineable.

The home is currently under contract with a luxury auction company.

The auction rep told me there were no other bidders lined up. This was proven to be true when I visited the property and the fridge was stocked full of beer, wine, cheese, fruits, etc. (things you would have out for an open house). Auction end-date is Aug. 30th. The auction rep was pretty clear that there was zero competition for this property.

My questions are as follows:

1. Has anyone had any luck acquiring luxury properties below market value? 

2. I'm guessing this property will go for at least, minimally $1.5MM. I don't have that kind of money to show proof of funds. Does anyone know where I can find outside investors to JV on the deal or fund it at a high interest rate?

3. Due diligence shows the property grossed $230k last year in rentals (a corporation rented it for 4 months during ski season for the bulk of that gross revenue). What are some of major costs associated with vacation rentals? Is there a occupancy rate I should use as a "rule of thumb"?

Any help would be greatly appreciated. I'm new to investing, but this deal seems good on paper. The property is amazing and at the least can be short-sold for profit.

Cheers,

Bryan G.