Family Home Potential Deal
Hey all!
I'm working with my family on acquiring my grandfather's house. My aunt currently has PoA and is open to selling me the property. The house is in need of major repair, hasn't been updated since the 30s, and is located in Union NJ. I live in Maryland but I have family nearby.
I'm curious what methods I can utilize to acquire the property. I don't have a ton of capital, but the house is paid off. I'm thinking of using an interest only loan with my aunt, allowing us both to take advantage of tax deductions, while I take out a Heloc to finance the repairs. I'm ball parking the repairs in the 120k range and I'm hoping to get the property in the range of 125-150k.
I'm curious how this sounds logistically, any insight would be appreciative!