What should I do to get rid of my fixer upper?

[Josh Rogers]

I bought a multifamily home in Chicago about 6 months ago, and I originally planned to flip it/wholesale it for a small profit. However, all I can seem to get are insultingly low offers since the home needs work (It's almost a gut rehab). I have been trying to market this property on and of for the last 6 months, but now its starting to become a burden as I have to pay on a delinquent water bill that was the result of a busted pipe leak in the basement right before we closed on it, and additionally I have to pay the remainder of the taxes. I am honestly at a stand still as to what to do to at least make my money back. Recently a few friends have suggested that I invest some money into the basics such as new plumbing and some cosmetic work so that I can at least market it for a higher price, however, I am hesitant to do this as I am not sure if anyone will buy once the updates are completed. What would you all do? 

[Katie Neason]

If you are getting "a lot" of interest and multiple offers maybe they are not low ball. If you are getting a lot of offers from people who do not "understand it's true potential", maybe you are marketing to the wrong people. What is the property worth as is (not the tax appraised value or what you paid for it)? What is the ARV? What are the repair costs? I am not familiar with your market, but in my market, good deals are hard to find so if there is one it sales FAST (within hours). People are even willing to over pay to put their money to work, so if this were my deal in my market, I would spend some time on what the as is value of the property really is. If it is a great deal and no one can see it, put the money in it and sell it fpr a profit. If you are unsure you cannot get value out of doing the repairs repairs it may be too much to ask for someone else to do it.