Urgent need Advice!!!

[Keyoddie Walthall]

Hello BP nation. I’m fighting over a decision. My family member presented me with an opportunity. They currently own a 5 br/2ba house in which they rent out but on the same property they have an apartment building in the back 2 br/1ba and on the top level n probably can turn the bottom level Into 1br/1ba. They dont want anythIng for the apartment. They Jus dont have the money to work on It and It been empty for years so more of a headache having It back there fOr them. The neighbor has the same setup on the property and rents out the back apartment for 850 top level. So my question is how can I protect myself if I do take charge of the apartment in the back. Like can they sell the back apartment to me or make up some type of agreement to myself n family??!! Any information would be greatly appreciated...

[Michael Lee]

Hello Keyoddie1  My advice would be to never try to do business with anybody in your family, especially if they are not in the real estate business.  If you end up doing a deal that includes that place out back, I would probably sell it to an investor at any price.  If the City would allow you to subdivide, it would probably pay off.  I would check to see if any lender will help you fix up those back units and coul