Chicago Abandoned Building Investment
I've got an abandoned building down the street from a 6 unit that I own on the South Side which I'm looking to take ownership of. This building was owned by the failed BHF housing and was left vacant about 6 months ago but was boarded up in the past three weeks. I've taken a look at the deeds on the property, via Cook County Recorder website, and I'm not 100% sure who owns the property at this point. It was originally purchased in 2015 for $264,000. From my reading they used Illinois grants in the purchase of many buildings for the services they were to provide the community (which they didn't do). Wilmington Trust is listed on the Deed but I'm not sure if they were a lender or merely an investor. There's also a lien on the building and I've spoken to the lien holder who said the lien is for construction and management fees to the tune of $5,000.
I'm hoping this great community of investors can give me some direction on where to start with this one as I've never been interested in a vacant building before. I've reached out to my alderman in hope's of shining some light on it but haven't heard anything back yet. Any help is surely appreciated!