Abandoned Property
My husband and I have been in Real Estate for almost 2 years now. We would like to get started in flipping/rentals but we don't have a ton of money for down payments/renovations. We think we've found a great way to start but the odd situation has quite a few hurdles.
There is a property across from my mother's house that has been abandoned for 10ish years. Basically the home has no mortgage and the owner on title passed away 20+ years ago. There are lots of Liens on the property, upwards of 20k and the home does need a lot of work. That being said, we have a very strong market in Colorado so the ARV will be 150k-170k. Best case scenario would be finding a lender but we do all of the work. We would repay the loan as soon as the title becomes marketable.
We can't get a traditional loan because there is no title to loan against and same goes for "Hard Money Loans". We've been told by the treasury department that we can file for the treasurer's deed once the rest of the Tax liens are paid off as we've attempted to purchase the senior tax holders lien for years with no response.
We have spoken with a current client who is a small time flipper that is considering partnering with us (Lending 50k and splitting work). What splits would be fair for this situation considering the high profits?
Thanks in advance for any and all advice!