No mortgage, 50% Ownership

[William Bennett]

HOUSE IS SOLD AS-IS, HOME WAS APPRAISED FOR $110,000 DOLLARS seller is asking 10k (won’t take less than 9500)

owns 50% interest in a 4 bedroom 2 bathroom home (1587sqft) which sits on about a quarter of an acre of land, 50% ownership (my portion, the other 50% is NOT for sale, it is owned by my sibling & He is living in the home (in private room that sits off by itself on the opposite end of the house). There is NO mortgage & there are NO liens. Taxes are $470 per year.

As this looks great to me and I am interested in making this my first deal, I can’t help but think of all the potential problems this situation could have and not sure of the long term benefits other than cash flow to rent out the other portion of the house.