Lead Based Paint in a HUD Property

[Brad Z.]

I am looking a a great deal that is now avaiable to investors through HUD. it is a complete rehab and is priced accordingly. Anyways, it has a 20 page lbp disclosure attached to it that says it has lbp in alot of places and needs to be taken care of. It provides a quote of 13k which is just ridiculous. Its an older building and all old properties have lbp, it is pealing in some places but my rehab contractor says he can remove the chips, encapsulate it and then paint it. He says it actually better to not to try to remove it all. My first concern is safety of tenants so I will make sure its taken care of. The report also says that hud or somebody will do a post sale inspection? What do I need to do to legally take care of this. My rehab contractor is not lbp certified as far as I know, This is my first hud purchase, I do have other proerties with lbp and there is no pealing and I have painted over it and have no problems.