Potential Multi Family Options in North Park/Normal Heights

[Esteban De la Torre]

Hello BP! 

I recently found this place and am excited to finally make a post! 

I've been actively soaking up as much information as possible and saving money to be able to BRRRR out of state (potentially in Cincinnati or Memphis) since San Diego has always seemed to be a pricier option that I would look into later on.

However, recent changes with the property I live in has got me wondering if there is potential for me to get started locally somehow. I am currently living in a multifamily property in the North Park/Normal Heights area. The property was bought recently, and during the transition, there have been major mold outbreaks in 2/4 units (luckily not mine). One was fixed right away and the other one has been gutted. The gutted unit has been that way for months. I asked the property manager if the property would be renovated soon, and she mentioned that it would take a while for the unit to be finished. After looking at San Diego tax records, I've noticed that the owner has defaulted on their first tax payment.

I am mainly using this post to see what other people's thoughts are. 

Here are my initial thoughts on what I could do:

Option 1. Buying 1/4 properties from the owner through seller financing. 

Since I don't have much money, I wouldn't be able to buy all 4. I'm wondering if it's even possible to buy a single unit. The units are all owned by the same person. Could it be an incentive for the owner if I bought the unit that is gutted and agreed to renovate it myself? Does an HOA need to be established? How does buying single units from private owners work? I would imagine this could make it harder for the owner to sell the other 3 units, so would there be any upside for him to do this besides getting out of the pinch he's in?

Option 2. Reaching out to other San Diego real estate investors to see if this could be a lead for them. 

This could be my way of helping someone else out that could have the capital to buy the property and start building a network in the area. There are many properties being bought and torn down. A few streets down, there is a new multi family property being built after tearing down the older one. Would I essentially be a bird-dog for the property I live in if it got sold? The only concern I'd have with this is that I could potentially miss out on a good opportunity. 

If anything I wrote in this post is wrong, feel free to correct me. I'm here to learn!

Also, if there are any other options that come to mind, please reach out. I'd love to hear your feedback! :)