Seeking input on a functionally obsolescent property.
So there is a very large building in my area that was built in the late 1890's and they continued to add to it throughout the years. During the due diligence process I found out that it was primarily a toy factory and then later part of it was used a foundry. In my best guess I would say this building is between 10 and 20 thousand square feet. I know that the newer portion of the building is currently rented out to men that restore old cars and trucks. The rest of the building is in need of help. One of the walls is blowing out, it needs a new roof, there is a portion in the back of the building that suffered some fire damage and that was never repaired, and there is some foundation work that needs dealt with. The value of the building is somewhere between $20,000 and $50,000. This is the part where everyone yells STAY AWAY FROM THAT PROPERTY; however, this is the part of the story that gets interesting. Roughly two decades ago, my father entered a handshake deal with a business partner that REALLY wanted this property. My father really didn't have the extra money to put down on this property and tried to talk this other man out of it. Long story short, my father ended up with this building because the other man backed out of the deal last second. Although the tenants literally paid the entire mortgage; the income did only that and nothing more. There was typically no extra money to reinvest in the rest of the building. Not to mention that my father really didn't want anything to do with it. Another issue is that this building is filled with random items that have been accumulated over time. My father is ready to get out from under this building and see it put to a good use. I know this has been a long post but if anyone could share their input on what they think my father and I should do with this building it would be greatly appreciated. One last quick fact: He is willing to let me use a part of the building for anything I want but that requires moving A LOT of stuff around. Any help is good help.