Feeling the pain of my first purchase

[Sherry Lewis]

Ok all, I got the photos back on my Toledo property purchase and my heart sank. I now know for sure my move wasn't gutsy it was stupid with a capital S. What really bites me is that I believe the investor who sold me this at auction intentionally misrepresented what he had and I had Sucker written all over me. He on the other hand made sure to word it properly to cover his butt. Anyway, it is what it is. Now I am here with my dilemma and I am praying all of you wonderful professionals can help me figure out what to do so my first few purchases in my new business are not my last few purchases in my dead business.

What to do with this mess. He sent me the deed to sign and notorize but I have not done so yet. Do I just take the loss and tell him to keep it, donate the house (assuming anyone would have it) for a tax write off, try to find someone that wants to fix the place and give it to them for what I paid for it (it also has about 1500 in back taxes due on it),.... I just hate the idea of paying another `1500 wasting a total of 2200 on a property I dont know how to get my money back out of. I started out with very meager equity. I took the chance on a cheap property hoping to make a minimal profit for quick flip to build some equity. I can hardly afford to loose the money. The realtor that took the photos for me said he has a guy that would take it if I paid HIM 3k but I didn't have to worry about the taxes...yeah ok... I could re-list it at the same site I bought it, but I do not want to do this to someone else that is trying to start a business so to me that is not an option. Ok there is my long whine and my desperate plea for rapid advise. If anyone needs to see the photos I would be happy to add them if you could tell me how to. Anxiously awaiting a life vest from any passing boat here...