I'm looking for some advice on this nightmare of a property I just purchased. I just purchased my 1st investment property and I decided to go with a Turnkey property from Norada Real Estate Investments, because I really wanted a property that would be all ready to go/hands off with a property manager, had tenants living in the property, and would yield me a really nice cash flow. Unfortunately, I have received none of these from the duplex I just purchased. I signed the PA in August, but the property didn't close until December, which was said due to them needing time to repair the property and get it into perfect condition. Here is a brief synopsis of what's going on since the 1st day I got the property:

-There is major flooding in both of the units, and many broken appliances. This was not discovered in the inspection.

-The tenants have been complaining about this since November (before I owned it)

-One side is completely unlivable, so the tenant hasn't paid rent since December 1 and refuses to pay anymore rent. We are trying to evict them now (they said they will be out on March 5th, but we'll see how that goes.)

-After a ton of arm twisting, Norada and the rehabber (not exactly sure how this works) has agreed to do some of the repairs, but he is moving very slow on them and the property is still not repaired -This has been a bigger issue of lots of finger pointing and nobody has even apologized to me yet for what has happened.

-The repairs are supposed to be done "next month" (another tentative date that I'm sure will get missed) which means I will have missed out on rent for January, February, and March.

-I will also forfeit 1 month's worth of rent to the property management company as a fee for them finding new tenants. This will mean I'm out roughly 4 months of rent assuming we can get it rented by 4/1 with a tenant that is still living there without paying rent.

-The property manager has informed me that there is no way the new tenants will pay the originally promised rent amount by Norada, even with the repairs; thus, reducing the overall cash flow I was expecting.

I'm reaching out for some advice, as this is my first investment property and the only thing I've been told is just to "hang tight" until the repairs are done. But every day that passes is a day I lose money on rent, and then another month that I have to pay for the mortgage out of pocket since one side alone will not cover it. What are my options here? What would you do if you were me?

Thanks for reading and I appreciate the advice!

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Turnkey Disaster - Need Advice!

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