Looking For Creative Financing Strategy For Deal That Have.

[Lee Bailey]

I'm a wholesaler in the Birmingham Al market. I have a deal under contract with owner that has problem tenants. Owner is a 85 year old tired landlord ready be to be done with renting. He has this one last house with problem tenants. Owner struck a deal with tenants 11 years ago for a lease option to purchase. Only paperwork in place was a little piece of paper tenant has of the price they put down as down payment towards the purchase of the house which was $30K. It was basically  a handshake deal, no deed was ever recorded into the tenants name, no formal paperwork what's so ever. Well the tenants never bought the property but instead tore it up and stop paying owner monthly payments a couple years back. Owner is willing owner finance me the property, owner is even willing to quit claim deed the house to me that's how bad he wants to be done.  He says he has no energy for the court process. He wants me to deal with the headache and get paid on the backend after tenants have been evicted, property rehabbed and sold... Everything I'm hearing is that the tenants have equitable interest in the property so I'm going to have to buy them out. After 9 months, I was finally able to establish contact with the tenants. They are asking for $20K to vacate the property.

ARV $215-$220K

REHAB (Unknown, worst case scenario full rehab $60K based off sqft)

Contract price $55K

Assignment price $30K

Tenants $20K(Vacate)

Im looking for creative way to get this done as a wholesaler and also a way to get this done if i was to keep and rehab it. Owner is willing to owner finance me the property but i would have come out of pocket to get the tenants out. How do i get them out without using my own funds