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Updated over 4 years ago,
best steps for situation - relatives property
I have a question that I was hoping that you can help me with. I feel like there is an angle here to make money or at least take the best steps to get the most out of the sale. Wanted to run it by the experts to see if there is what is suggested. One thing to note is that I don't want to remodel myself or hire anyone to do the work by getting a HELOC etc. I feel there is a bunch of risk with this and really just want to get it off my hands as cleanly as possible.
I have a relative who owns a house free & clear 4br / 2.5ba house that is around ~250K fixed up but is currently in bad condition. Kitchen and bathrooms need to be remodeled, new roof, deck around inground pool is trash, paint & carpets.
My relative can no longer live in it due to health conditions and is currently living with another family member. Relative mentioned is also not capable of making own financial decisions so I have to come up with a plan to execute. My thought is that we have to get rid of it and I'm trying to evaluate best way to do so.
Here are the options I though of this far:
-bring the lead to an investor for a fee or get a percentage of the profit..not sure how this would work
-just listing it in current condition and see what happens
Let me know if there is anything that you suggest.