HELP!! NEED FINANCING!

[Mike Chubb]

hello my name is mike Iam a novice at real estate investing however I want to obtain this property but need funding to rehab and get the taxes paid up the story is as follows, I found a very run down property in my neighborhood the owner owns the property with no mortgage, however he is in jail and owes approximately 55,000 in back taxes the property has been abandon since 2007 and left to the elements the owner only wants 10,000 for the property after its sold and rehabbed, I have terrible credit and no money to put into this home only what the property is worth and at this point with it being so rundown I don't know what that would be, hehe's willing to quit claim it to me for nothing at this point, until its rehabilitated like i stated before but I only have till July 17 to pay the 2009 taxes that were sold or the whole deal goes away I have been wrecking my brain on how to get this done with nothing but my ambition however I've come short of creative ways to do this I want the property as an investment and wholesaling it doesn't seem to be viable because the taxes are so delinquent can someome please help me

[Aaron Montague]

@Mike Chubb

Where there is a great deal, there will be funding.

Give us a lot more.

How much is it going to cost to renovate (or possibly tear down and rebuild)? That is a number that should come from at least 3 different contractors. 2 more if you are one yourself.

What do you expect out of the deal? How much money does the investor stand to gain? You mentioned that you have no money to put in, this is going to result in a fairly minimal payout for you at the end of the day. But going from 100% of no deals to 5-10% of a real deal is a good thing.

What is the place going to be worth after the rehab is done? Comps, comps, comps. No guesses. Give us a reason to do something besides wait for it to go to auction and pick up it there.

Show us the math!