120 Year Old House With Structural Issues

[Steve Ehrman]

We are looking at a 120 year old property to turn into senior housing. All the numbers work as far as rents. When we had the inspection it was found that there is extensive powder beetle damage to the numerous beams. The inspector showed us where the beams are bowed and recommended that we get a structural engineer in before we take another step. We still have 2 weeks to back out of the deal without loosing our EMD.

Should we just run now from this deal?

[Steve Ehrman]

@Mike Hern. Thanks for the reply. I just told them that we would need to get a structural engineer to evaluate and draw up plans. I asked for an additional 14 days. We had 20 days to start, and we are only at the 7th day now.