PM in foreclosure: HUGE DEAL need help/ advice

[Shane Adsir]

I am new to this and I have read enough that I feel confident on working with others as well as going all in on a good deal. I have found a foreclosure of a property management business that ran in since 1958. The city invested 1 billion dollars to revitalize the neighborhood that 53 properties are in, with 90 units total including a few empty lots. The problem is that my cousin and I cannot finance the 6.4 million that it is listed for. The value was listed at 8.9. I believe that it is worth much much more than this especially after repairs and if the city buys some of the lots to develop into a school and other things listed in the plan.

We need help, and advice. I do not know if I should pay for a appraisal (that is a lot of money considering how many properties there are) and if I should get a CPA and attorney. Problem is he wont fork over the leasing information until we have financing. This could be a major deal considering the city's project. Two of his properties are prime locations for businesses such as a future bar. Two universities will be opening their doors there next calendar year with a combined initial student body of 20k roughly. I need anyone who is interested to help guide me into prosperity here.

After looking at the information the agent gave me it looks to me like he was too close on his payments and when the property value rose dramatically from the cities investment he could no longer keep up with the payments and the taxes because the property taxes rose correspondingly over that same short period all at once on his properties. These are income producing properties in other words because this man lived off them as his job and not his investment strategy.

The neighborhood is extremely high in rent demand with more than 70% renting. Please if you are interested let me know. I have not talked to a bank yet but I am sure they may look at my cousin and I with speculation. He owns his own stone business and remodels homes for others as a general contractor who wants to get into renting himself. I am a contractor for the government; nerd.

I wish I could post this more than one place.