First flip out of state

[Nicholas Trusty]

My twin Brother and I acquired a property in West Carrollton Ohio for just under $7,000. We are both active duty army and live out of state. This property is in need of some updates and repairs and we are looking to renovate and flip it. We want to go about this the right way. The address is 114 Allen pl Dayton oh 45449. We got this property from a family member who owed taxes on the property. The mortgage was already paid off. we paid those taxes and received the property. There is a tenant who lives there who we personally know. He is disabled and I believe was only paying 300$ for rent now we have the property and his lease is expired we don’t know the exact condition of the property but we want to renovate and flip it. What should we do? ask the tenant to leave until renovation is complete? How should we go about finding an honest general contractor to give us a bid on renovation cost? my brother and I both see this as a great opportunity even though it’s not the greatest property.. but we figured for under 7k we couldn’t pass up the deal. Just looking for feedback and guidance. We are new to this as but eager to make a start into real estate investing. Thank you for your time.

[Darrin Carey]

@Nicholas Trusty That's a decent little pocket of homes there. In general, you'll find 2 beds are a little harder to flip than 3 beds, but still doable. As @Dave DeMarinis said, many of your questions should have been answered BEFORE you bought the property.

I also see that you didn't use a Title Co to do a closing. Doing a quick look, I see that "Kevin" has a Land Contract recorded to buy the property. The Land Contract remains in place and is valid even though you are now on the deed. I hope that's something you've taken care of or taken into consideration.

I have a sneaking suspicion you're about to get a quick education in some areas you did not anticipate.