Long Beach duplex (kinda)

[Sam Sopheak]

Hey everyone, Here’s my current situation. I have a property in LA that I purchased from a family member. I do have a partner. The property was purchased 18 months ago for 430k. Owner carried the note with 50k down. Title is still under his name and we have a contract written up for an option to buy it at 430k. If he bail out, he would have to return the deposit plus 50k plus 30k renovations cost. We pay interest only payment of $1000 (380k loan amount) to the seller and will balloon in 48 months (30 months to go). The house was a 4/2 originally but they build a 3/2 attachment to the back. They did not split the meter so technically it is still one house, separated by double doors (hotel style). It is in pretty good condition now but we don’t want to keep the property in that area. Currently renting it out for $1700 & $2000. We got an estimate price of 600k to 700k right now, the agents have not seen the actual property yet. Just basing it off of sq footage and location. It’s in Long Beach if anyone can help me figure out a more accurate selling price of the property. Should we split the meter, convert into official duplex and then sell it? Should we sell it as is? Should we refinance and keep the property for cash flow? If we sell, the property would never be under our names. Is that ok? We will pay the taxes for the seller of course.