What Do You Do When The Rehab Costs What The House Is Worth?

[Christopher Winkler]

We foreclosed on a note on a 2/1 SFR that ended up coming with renters. They did not want to buy it, so we finally had a chance to see inside and the house is a mess. Needs everything, foundation bad, so floors are bowed & stressed, all flooring is worn and damaged, as is drywall, windows, entire bathroom, entire kitchen, doors, plumbing, electrical, roof, siding. Rehaber quotes $58k and that's about what its worth.

We are in it for $30k, and are interested in hearing how other BP members have turned similar lemons into lemonaid...