Best step to take with a tremendous opportunity.

[Russell Lavoie]

Hey BP I've come across what I would think is an amazing opportunity. My uncle owns a property free and clear minus the estimated 24000 in back taxes. He needs to cash out to retire a little early because he is now on dialysis. I know this property inside and out it needs a bunch of work but I think I can purchase it as my primary residence it with about 75,000 in equity while still helping my uncle get rid of what is a liability to him. I own a 3 family investment property that I self manage and house hack. I was thinking of mailing to 3 family homes in the nicer area that are off market and try to buy the best of the bunch and then BRRR it. I'm wondering if all of you amazingly helpful and smart people out there have any advice on this or maybe another strategy to best utilize the equity in the case I am fortunate enough to be able to help my uncle out and ramp up my business at the same time. Thank you in advance!!

[Michele B.]

Where will your uncle move? Or are you buying/renting it back to him?  Can he afford that? If not just remember he is family and he needs a place to sleep.  (Sorry my sensitive side showing)
Next step get the house under contract with him so it does not go into dispute if something happens to him before the deal is closed.  

Next, find a lender.  Make sure you will have enough in cash for the renovations you need to do plus the down on the other property you want.

In your spare time find a three bedroom home that you want to buy in the neighborhood you want and find out what the ROI is or will be. Get it under contract with a contingency of the other property going through.

Buy both and away you go.....

Solid Plan if you ask me.....

Good Luck!