Live-In Prior Owner

[Daniel Kramer]

I am currently looking at a small apartment and I like a lot of things about it such as the location and size. It is a foreclosure. From my research and the court docket, It appears that the current owner is 86 and lives in one of the units. He is the son of the developer that built it. I am having a tough time making an objective decision whether this is a hurdle that can be jumped or a deal breaker.

I have no way to verify current rents since this is a foreclosure, but I would guess the worst case scenario that this current owner is living for free. So in that scenario, I could ask him to sign an agreeable new lease, likely still below a market premium. Worst worst case, he refuses to sign a lease or pay anything, I don't have the heart to evict him, and lose out on that rent for... However long.

Has anyone had a similar situation or have any advice?

Thanks!