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Updated about 4 years ago,
Beginner to real estate
Hello everyone, this is my first post on BP and I hope to post more. I am a full-time college student in Scranton PA and I work part-time. Through investing in stocks and saving I have accumulated a little over $7k which I plan to invest in real estate.
Recently my neighbor passed away and their family expressed that they do not want the house and are willing to sell it when the time comes. It was originally a 2-unit apartment but was converted into a SFH long before I was born. The house has been well kept and currently is valued around $95k. Because of a family-like relationship and their desire to get the house out of their possession, I could definitely get a deal for 50k or less. However, there are two problems that I face:
1) I would like to convert the house back to 2 units.
2) They have an in-ground pool in their backyard.
Would this be too much on my plate for a first time investor/home-buyer? (I would be willing to house hack with this property)
I don’t know the rules about pools for rental properties so would I have to fill it in because of it being a potential liability?