How would you structure this deal?
There is a house in a nice neighborhood that has been vacant for years and the taxes have recently gone unpaid.
I think the owner died a while ago and her daughter has the property now.
Before repair value - unknown, home is uninhabitable right now and might be moldy inside.
After repair value - 950,000
After repair rental income 3500/month
Repair costs- I'm thinking at least 150K
I want to gain control of the home with little or no money down, catch up the taxes, fix it up with investor money and then either buy and hold or sell by assigning the contract. My plan at the moment is a lease option (with very low monthly lease and down payment). Any other ideas?