Purchasing my parents 3-Unit

[Capricia Almanzar]

So my parents own a 3-Unit property in Chicago, IL in the Logan Square area.

They purchased it for $195K in the early 90s, but now per appraisal it’s worth $897K (without renovations)

I want to purchase this but I don’t have $897K plus renovations it needs.

Could I secure a loan to make this happen ? Do such things exist?

Before I forget, each unit is a 3 bedroom, 1 bath with an enclosed porch + building comes with a 2-car garage.

OR

Do I wholesale this?

[Jonathan Greene]

Why would you buy a place from your parents? Can't you work out a way for them to sell it to you as part of pre-inheritence with any other siblings? Also, why would you wholesale something you bought from your parents? If you use them to get a good deal on it and then sell it, why would they do that? Do they want to sell? They could seller finance it to you and they would save a ton on capital gains for a while, but with family you really shouldn't be buying a property straight out.