I need some input on an Underwater Duplex.

[Dave G.]

Hi! I'm hoping this forum category is the right place to post this. 

I've come across an and have been speaking with the owner on a Duplex in a pretty popular part of town that has a high rate of renter occupancy.  It's a very large duplex on a lot of land.  It's been vacant for a while with a possible squatter in there. It's not rental ready. Cleaning and a bit of paint is definitely in order. Also, the electrical is bad in some places according to the owner (I have no idea the extent). Aside from all of that, this place is a great purchase because of the lots and land it is on. I want it. I just need to figure out how. 

The price that the owner tossed out in our long convo was $312,000, they have a mortgage for about 287,000. I have no idea how they even secured that. In its current state it is worth MAYBE $230k - $250k.  I could cashflow ~$435 if it were move in ready. I would suggest a Rent-to-own situation to the owner with a buy out anywhere from purchase to 5 years. But, it's not, and he's not economically in a place where they can repair it. 

Ill cut to the chase:

I don't think I can raise enough money for an outright purchase, even with a Short Sale agreement from the bank.  It's not move in ready without a large expenditure that neither of us can do at the moment. How can I get this house?