Fulton, NY-- Flip or Rental?

[Linda S.]

My father-in law owns a house in Fulton, NY, that needs a lot of work. It was assessed for $80K, and he owes $50K on it. He recently converted the attic to livable space (+500 sq ft) and added a bathroom, so it's likely worth more than that, although it's not exactly a hot market. He is looking to move to VA, but is overwhelmed because the house needs a lot of attention, but since he is staying in VA most of the time, it makes the most sense for him to sell it. It needs a face lift.

Is there anyone in that market, that would either be interested in buying it as-is for the amount owed,  or funding the remodeling and splitting all the profits?  If it were closer, we'd do it ourselves, but the 9 hr drive makes it illogical for us to help.     

PM if you're interested!

2568 County Route 57,Fulton, NY 13069