Auction Win-Redemption Period
I won an auction today. Good news is we won and have what could be a 2.2% renter return and about 350 in cash flow. Bad news is I haven't seen the place, there is someone in it and the redemption period is all the way to the end of October. So all in, no repairs and estimated closing which is Aug14 I'm in at 40k.
My question is, with 5k budget to hit my potential return and cash flow, you think it's worth the potential hassle of eviction and clearing title in October. I'm responsible for all fees and closing costs so if they get out from the hole I lose that money probably around 2k. Is there anything else I should look out for to mitigate my risk? I'm in the deal with. 25% of my money and an investor covering the rest. I owe a 3k deposit in the next 3 days to move forward.
Help from Michigan!