Need advice on a potential deal buying at $180k then wholesale @ $220k
I would like some opinions on whether or not I should go through with the following deal or if I have this figured out right...
The property: A 2 story, 11 bed 2 bath sober living/mini church type building. (REO)
Pros: may get offer accepted at $180K, appraised for $350k as a single family home.
Cons: needs to be converted into a single family home (including code violations needing to be corrected), bank wants to sell property as-is tenant occupied
My plan is to package the info including construction costs with plans on converting property into a single family dwelling and wholesaling the property for $220K.
I have yet to get a contractor to look at the place but the Realtor has had a city inspector walk through and knows what code violations need to be addressed.
Any thoughts would be appreciated...