Updated almost 7 years ago on .
2 properties on 1 deed/ Possible to split??
Hi Everyone,
I was offered a property that consists of a SFH that sits on one street and a duplex that sits in the "back yard" on another street. Currently the property owner has the SFH rented for $750/mo and the duplex is vacant and has been for quite some time.
The property owner wants to get rid of the property because he doesnt have the money to rehab the property. He has a mortgage with 23k balance and approximately 4 years of payments remaining. There are $4,500 in back taxes.
He offered me the property. I'm not sure that I want the SFH, but I would consider the duplex.
Being that he has a mortgage on the property as a whole, is it possible to essentially get the duplex on a separate deed, thus allowing me to purchase it and leave him with the mortgage on the SFH ?