Fixer Upper STR in a Trust - Worth My Time?

[Mac Caspersen]

Hi BP,

I've been cold calling mountain communities in my area looking for a short term rental property. One person I contacted told me about the neighbor's house that has been vacant since the owner died and it was passed down to the kids. He shared the contact information of the bank representative who managed the trust. Its a large nationwide bank.

I spoke with the banker who gave me the following info:

(1) The property is in rough shape. Apparently there was water damage before COVID and they removed all the flooring. Its needs updates to the kitchen and bathrooms as they're original. Its been vacant for many years now. She said the HVAC worked last time she was in the property last fall. Roof and siding may need repair or replacement.

(2) The bank wants to list the property on the MLS. I told her it sounds like a good fit for an investor given all the work it needs and asked for an appointment to walkthrough, but she declined and asked me to check back in in 30 days. I don't totally understand the structure of the trust. The bank owns the property and makes the decisions about its sale, but there are beneficiaries who are involved in the decision making process. The bank couldn't disclose whether the beneficiaries would receive any of the proceeds.

This would be my first deal, and it sounds like there may be a lot of risk, moving parts, and potentially a good upside. The property is on a river with river access in a very popular short term rental destination. If it was bought at a good discount and fixed up, it could be very lucrative. 

Does anyone have any experience working with a bank in this scenario? Would they ever work with an investor off market or provide a discount above the estimated repair cost to restore it? Any guesses about how these "beneficiaries" are involved and what their decisionmaking power is?