subject 2 - owes a lot of money - options?

[Matthew Walsh]

I've got a tired landlord. Tenants are moving out shortly and he wants to sell. ARV is $140, but he owes $85 on a line of credit with a $600 monthly payment. Problem is he says it needs a complete rehab. From the outside I can agree. I'm estimating $50k rehab. Any ideas to make this work?

[Tom S.]

@Matthew Walsh  Unfortunately if the numbers aren't there, just pass and keep looking. If he owes $85k and it needs $50k of work, after closing costs and IF everything goes perfect, you'll still lose money.