Need advise on potential purchase.

[Jonathan Sowinski]

I came across a house that has seen better days...contacted to owner (out of state) and he wants to get rid of the property AKA his "headache".

The property is a 3 unit in a great neighborhood, but like I said needs some work. From what I learned researching and from the owner is; he bought it in 2006 (paid $118,000(might be worth $75-100k in its current condition and $175-200k brought up to speed)). He said he thought that he still owed ~$100k but was not sure. He originally had tenants, things were good and within 2 years the City began to issue some code violations (exterior painting, chimney re-pointed, exterior stairs repaired…) He said that they basically drove him out of business (his theory was its because he is an out of state landlord).

Anyway, he said that he couldn’t keep up, stopped making payments about 2 years ago and gave up now he just wants it out of his name. He said that he believes that it will have to be a Short Sale and Bank of America owns the note. He mentioned that he tried to contact agents to list it for him last year but nobody would take the job…??? He admitted that he didn’t try very hard.

I am hoping to get inside to take a closer look; the neighbor apparently has a set of keys and can let me in.

I am wondering what to do if I determine that it is worth moving forward either purchasing myself or wholesaling, or flip?

So far I am planning on finding out from the City what code violations are outstanding and any liens that are on it, then hopefully inspecting it for myself and determine a price point. I am just not sure what else may need to happen here.

What are some purchase options that might be available in a situation like this?

Is there more information that I will need and how would I get it?