Potential deal atop the bar?!?!

[Michael Maloney Jr.]

Hello BP,

So here's the deal, I live in a small rural town about 45 minutes north west of big college town in Michigan. It's a small but seems to be growing town. Well I was up at the local bar having dinner and a beer and something popped into my head and seems like potentially a good deal if I can figure it out.

Atop the bar sits an empty apartment which is an 3bed 1 bath approximately 1000 square foot that's needs to be rehabbed. I haven't stepped foot in it yet but I know that much so far.

About a year ago the bar got shut down for reasons we later found out to be due to a meth lab that got busted in that apartment. Mind you this is a nice part of town, not scared to be out and about at night or anything. Anyways the bar got re opened about 3 months later and it couldn't be any busier.

I know the owner of the bar and all of the waiters/bartenders there. I got to talking to one of the bartenders and he said the owner doesn't want anything to do with it. Doesn't want to rent it, fix it nothing, just doesn't want to deal with the hassle he says.

If I play my cards right I believe it will/can be a cheaper home run of a rental. I write this post seeking some ideas and some people to help brainstorm some ideas before I approach the owner to start negotiating.

Would it even be possible to buy this and own it outright? It has a separate entrance outside of the bar and I would assume a separate address. But not positive.

Sorry for the length of this but much appreciation in advance

Thanks - Mike

[Marvin Rice]

Why not a long term low rent lease (maybe 5 years) and you sublet.  You could control the property for say a couple hundred bucks a month and you can rent it for several hundred more,  The owner makes a little money every month whether it is occupied or not and you don't have control with no money down. and low risk