Structuring a deal with back taxes
While wrapping up some business on a house in Detroit last week, I came across a SFH in a B neighborhood that interests me. It has fallen victim to a few of the typical things in the area (windows broken, damaged door, etc.) The back taxes are about $4k and are showing as delinquent but not yet subject to foreclosures. I found the owner information on Property Shark and want to see about picking it up as cheaply as possible ( hopefully just the back taxes). What would be the best way to structure the deal? The property owner is in Houston, TX and I am in Dallas/Fort Worth, TX. Would Texas law be used in the offer/contract or Michigan law? Thanks for the help! As for the numbers, the owner paid just over $12k in 2012. Rehab costs would be about $40k and ARV would $90k-$120k based on comps.