NEED HELP STRUCTURING DEAL
hey guys i need some advice on a potential property i can pick up, prpoerty details- located in chicago,IL property worth 160k seller owes 145k needs about 5k in repairs good area he wants out maybe 5k in his pocket but considering this deal it doesnt look like a wholesale deal be ause of the numbers but what i want to do is keep property for my self and take on payments just because market is growing there i can just sit on it and rent it. Now, the seller is filing bankruptcy in couple months would that affect the current loan? also my credit is not all that so i doubt ill fet approved by bank to take on current loan if they do check mt credit on this transaction. any type of advice will be helpful.