Hi all, I am new to getting into RE investing. I am an AD E4 currently living in VA for training for the next couple months with no knowledge yet on where I am PCSing to for my next duty station. A RE agent in Central Florida and has brought to my attention a townhouse in a unique situation. To my knowledge, the property has a mortgage of $230K with about $20K deferred mortgage payments from COVID. The owner has passed away earlier this year and left in her Will that her friend will have authority (the Judge has recently ruled to authorize her as Benefactor) to sell the house and 100% profits going to her brother after all debts are settled. However, from conversations the agent has had it sounds like the surviving sibling is only interested in money after the sale and has been persistent on the status. The Friend does not share this same motivation and although will want a fair price, I do not think she is interested in getting this person a large profit.

The agent estimates an appraisal of $450-480K. I have driven through the neighborhood when I lived in Florida and know that it is a great location, but also probably high HOA fees (unsure of the amount). My intent would be to hold and rent. So far this property has been kept private which has eliminated competition, for now, although the Judge has given a deadline to sell in 12 months. Since I cannot guarantee my next duty station in Florida, I am ruling out using FHA and VA loans as I would have to live in the property for at least a year. Conventional is also ruled out since I do not have that much saved (over the years I have been reducing debt and these past couple months am in a saving phase). I have about 6K cash with 4K in stocks that I can sell (but will sell at a loss). I am reaching out to brainstorm creative ways other people would finance this deal. I thought bringing in a partner and of course, there is hard money, but it is expensive. I would offer enough to pay off the existing mortgage to take the burden of selling from the Benefactor, but I know I cannot afford more than $300K loan. Thoughts on this?

Orlando, Florida

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